An Arbitral Award
Description
The Arbitration and Conciliation Act Cap A18 LFN, 2004 did not define an award and as such the term has been given several definitions by different authors, scholars and commentators. An Arbitral Award is a decision of an Arbitral Tribunal delivered by the tribunal after its proceedings. The valid ingredients of a valid award are provided in section 26 of the Act which includes that the arbitral tribunal shall state the reasons for the award, the date on which the award was made, the place it was made, and it shall be written and signed by the arbitrators. The different types of awards are. Consent awards, final awards, interim awards, partial awards, interlocutory awards, self-executory awards, and additional awards. An award once it is rendered and published until it is set aside by a court of competent jurisdiction is final and binding on all the parties in the arbitration. The award shall be published to the parties alone. The award can only be made public with the consent of the parties to the arbitration agreement. This is because of the high level of confidentiality required in arbitration proceedings. The award must be final, conclusive, certain, and capable of enforcement.
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Additional details
References
- The award should take the form prescribed by the parties, the applicable law, or the practice of the Centre where it is conventional award.
- The award must also be final in terms, meaning that it must be conclusive as to all issues submitted to the arbitral tribuna
- It must not be contingent and conditional
- It must also be definite, certain and unambiguous for it to be enforced.
- It must be dispositive and this means that an award must constitute an effective determination of the issues in dispute
- The award should not in any way request the parties to perform an illegal act or an act which is contrary to public policy.