Knowledge

Arbitration award

Source 📝

194:
The Algiers Declaration of 1981 established the Iran-US Claims Tribunal to adjudicate claims of American corporations and individuals in relation to expropriated property during the Islamic revolution in Iran in 1979. Although formed in good faith, the tribunal has not been a notable success, and has
156:
The other characteristic of cross-border enforcement of arbitration awards that makes them appealing to commercial parties is that they are not limited to awards of damages. Whereas in most countries only monetary judgments are enforceable in the cross-border context, no such restrictions are imposed
122:
the award deals with an issue not contemplated by or not falling within the terms of the submission to arbitration, or contains matters beyond the scope of the arbitration (subject to the proviso that an award which contains decisions on such matters may be enforced to the extent that it contains
317:
In addition, although not by way of challenge, many countries permit appeals on a point of law (although almost no countries permit appeals to be made in relation to findings of fact). This right is usually closely circumscribed to avoid undermining the commercial efficacy of arbitration.
262:
The legal requirements relating to the making of awards vary from country to country and, in some cases, according to the terms of the arbitration agreement. Although in most countries, awards can be oral, this is relatively uncommon and they are usually delivered in writing.
191:(or ICSID). The Convention was primarily designed to create investor confidence, and to promote inward investment into developing countries. The ICSID Convention and ICSID Arbitration Rules are the most commonly-used arbitration rules for the settlement of investment disputes. 223:
award is an award of only part of the claims or cross claims which are brought, or a determination of only certain issues between the parties. Importantly, this leaves it open to the parties to either resolve or to continue to arbitrate (or litigate) the remaining
570: 435:
The U.S. Government froze billions of dollars' worth of Iranian assets and wanted to set up an impartial tribunal to determine claims to compensation out of those assets by corporations who had been subject to expropriation without compensation in
144:
Virtually every significant commercial country in the world is a party to the Convention, but relatively few countries have a comprehensive network for cross-border enforcement of judgments of the court. Hence in many countries, particularly in
298:
Most countries in the world allow arbitration awards to be "challenged" in the court, although they usually limit the circumstances in which such challenges may be brought. The two most commonly permitted grounds of challenge are:
133:
the award has not yet become binding upon the parties, or has been set aside or suspended by a competent authority, either in the country where the arbitration took place, or pursuant to the law of the arbitration
496:
For example, the losing party may only be entitled to an indemnity where there is an actual award under a policy of insurance. An award is also easier to enforce than a settlement agreement, and gives rise to an
536:
Many tribunals make a practice of permitting the parties to see a draft award to allow basic factual errors or arithmetic mistakes to be flushed out. The practice helps reduce appeals on trivial technical
246:
award is an award which the tribunal, by its own initiative or on the application of a party makes in respect of any claim which was presented to the tribunal but was not resolved under the principal award.
231:
award is usually in the form of a settlement between the parties of their dispute (the equivalent of a judgment by consent). But by embodying the settlement in the form of an award it can have a number of
168:
The New York Convention is not actually the only treaty dealing with cross-border enforcement of arbitration awards. The earlier Geneva Convention on the Execution of Foreign Arbitral Awards 1927
109: 105:"). One of the reasons for doing so is that, in international trade, it is often easier to enforce an arbitration award in a foreign country than it is to enforce a judgment of the court. 126:
the composition of the arbitral authority was not in accordance with the agreement of the parties or, failing such agreement, with the law of the place where the hearing took place (the "
594:
For example, in the United Kingdom, appeal on a point of law can only be made with the leave of the court, and the court will only give leave in very specific and limited circumstances.
295:
It is sometimes said that arbitration awards are not normally subject to appeal (often another reason given in favour of using arbitration), but that is usually an oversimplification.
43:
of law. It is referred to as an 'award' even where all of the claimant's claims fail (and thus no money needs to be paid by either party), or the award is of a non-monetary nature.
274:
the award must be in writing and signed by all of the arbitrators assenting to the award (dissenting minority arbitrators need not sign unless the parties agree that they must);
314:" where the expert determines a matter of fact (which is ordinarily not subject to any form of appeal at all, except in cases of obvious bias or manifest error or bad faith). 51:
Although a successful party in arbitration will typically be awarded compensation or damages, tribunals usually have a range of remedies that can form a part of the award.
112:, an award issued in a contracting state can generally be freely enforced in any other contracting state, only subject to certain, limited defences. Those defences are: 188: 183:
from suit. However, governments can submit to arbitration, and certain international conventions exist in relation to the enforcement of awards against nation states.
374:"What Is an Award? Concept, Content, Drafting, Effects, in Katia Fach Gómez and Catharine Titi (eds), The Award in International International Investment Arbitration" 116:
a party to the arbitration agreement was, under the law applicable to him, under some incapacity, or the arbitration agreement was not valid under its governing law;
287:
Many countries have similar requirements, but most permit the parties to vary the conditions, which reflects the fact that arbitration is a party-driven process.
149:, a foreign arbitration award is much easier to enforce than an award of the court. For example, it is very difficult to enforce foreign judgments in the former 187:
The Washington Convention 1965 relates to settlement of investment disputes between nation states and citizens of other countries. The Convention created the
559:
and failing to hear the arguments of one party, to have an improper number of arbitrators or ruling evidence inadmissible when it should not have done so.
119:
a party was not given proper notice of the appointment of the arbitrator or of the arbitration proceedings, or was otherwise unable to present its case;
208:
Although it is common to talk of an arbitration award as a single concept, in most legal jurisdictions there are several sub-categories of award.
101:
in the commercial sphere (for a summary of the various arenas in which arbitration is usually chosen, see the specific article on "
239:
award is not a sub-category of award, but is used to describe an award where the tribunal sets out its reasoning for its decision.
501:
against re-litigating settled issues. Occasionally having an award rather than a settlement agreement may confer tax advantages.
171:
remains in force, but the success of the New York Convention means that the Geneva Convention is rarely utilised in practise.
514:
provides that awards must be reasoned unless the parties have agreed that the tribunal may dispense with giving reasons.
150: 385: 406:
Although some regions have multi-lateral arrangements which have a similar effect over a smaller area, such as the
98: 169: 165:
in an arbitration proceeding which could then be enforced in another New York Convention contracting state.
423: 123:
decisions on matters submitted to arbitration which can be separated from those matters not so submitted);
612: 642: 283:
the award must state the date upon which it is made. This is important for the calculation of interest.
157:
on arbitration awards and so it is theoretically possible (although unusual in practice) to obtain an
347: 270:
which the award must comply with, unless the parties agree to vary them under section 52 of the Act:
280:
the award must state the "seat" of the arbitration (the place where the arbitration took place); and
637: 415: 253:
award is not an award as such, and is not binding on the parties until confirmed by the tribunal.
27:) is a final determination on the jurisdiction, merits, costs or other aspect of a dispute by an 632: 627: 524: 511: 484: 471: 458: 342: 311: 267: 162: 76: 28: 216:
award is an award on a provisional basis subject to the final determination of the merits.
8: 83: 373: 337: 180: 153:
countries, but it is considerably easier to enforce awards of an arbitration tribunal.
418:
countries have a multiplicity of reciprocal enforcement of judgments states, and many
381: 59: 352: 146: 127: 266:
By way of example, in England and Wales, the following are requirements under the
411: 137:
the subject matter of the award was not capable of resolution by arbitration; or
407: 36: 621: 607: 327: 55:
the tribunal may order the payment of a sum of money (conventional damages)
546:
for example, that there was no binding agreement to submit to arbitration
332: 102: 32: 419: 196: 158: 69: 65:
in most jurisdictions, the tribunal has the same power as a court to:
571:"What Is Expert Determination? The Secret Alternative to Arbitration" 555:"Serious irregularity" covers a multitude of sins, from accepting a 498: 303:
that the tribunal did not have jurisdiction to make the award; or
556: 310:
Arbitration awards are non-justiciable. Distinguish from an "
179:
In judicial proceedings in many countries, governments enjoy
40: 86:, setting aside or cancellation of a deed or other document. 189:
International Centre for Settlement of Investment Disputes
174: 68:
order a party to do or refrain from doing something ("
62:" as to any matter to be determined in the proceedings 92: 97:Arbitration is particularly popular as a means of 306:serious irregularity on the part of the tribunal. 140:enforcement would be contrary to "public policy". 619: 46: 16:In arbitration, equivalent to court judgement 510:In the United Kingdom, section 52 of the 195:even been held by an English court to be 620: 380:. Oxford University Press. p. 3. 175:Arbitration with sovereign governments 257: 568: 371: 13: 14: 654: 601: 93:Enforcement of arbitration awards 588: 562: 549: 540: 530: 517: 412:Brussels and Lugano Conventions 277:the award must contain reasons; 203: 504: 490: 477: 464: 451: 439: 429: 400: 365: 1: 358: 199:under its own governing law. 7: 523:In the United Kingdom, see 483:In the United Kingdom, see 470:In the United Kingdom, see 457:In the United Kingdom, see 321: 10: 659: 422:legal systems employ the " 290: 47:Damages and other remedies 348:International arbitration 58:the tribunal may make a " 613:The Arbitration Database 372:Titi, Catharine (2024). 110:New York Convention 1958 35:, and is analogous to a 608:Arbitrator Intelligence 576:. New York Law Journal 424:full faith and credit 569:Reisberg, Steven H. 525:Arbitration Act 1996 512:Arbitration Act 1996 485:Arbitration Act 1996 472:Arbitration Act 1996 459:Arbitration Act 1996 446:Dallal v Bank Mellat 343:Expert determination 312:expert determination 268:Arbitration Act 1996 163:specific performance 77:specific performance 29:arbitration tribunal 338:Dispute resolution 258:Legal requirements 181:sovereign immunity 99:dispute resolution 643:Legal terminology 70:injunctive relief 21:arbitration award 650: 595: 592: 586: 585: 583: 581: 575: 566: 560: 553: 547: 544: 538: 534: 528: 521: 515: 508: 502: 494: 488: 481: 475: 468: 462: 455: 449: 443: 437: 433: 427: 404: 398: 397: 395: 394: 378:academic.oup.com 369: 353:Lex loci arbitri 161:or an order for 147:emerging markets 128:lex loci arbitri 658: 657: 653: 652: 651: 649: 648: 647: 638:Civil procedure 618: 617: 604: 599: 598: 593: 589: 579: 577: 573: 567: 563: 554: 550: 545: 541: 535: 531: 522: 518: 509: 505: 495: 491: 482: 478: 469: 465: 456: 452: 444: 440: 434: 430: 405: 401: 392: 390: 388: 370: 366: 361: 324: 293: 260: 206: 177: 95: 49: 17: 12: 11: 5: 656: 646: 645: 640: 635: 630: 616: 615: 610: 603: 602:External links 600: 597: 596: 587: 561: 548: 539: 529: 516: 503: 489: 476: 463: 450: 438: 428: 408:European Union 399: 386: 363: 362: 360: 357: 356: 355: 350: 345: 340: 335: 330: 323: 320: 308: 307: 304: 292: 289: 285: 284: 281: 278: 275: 259: 256: 255: 254: 247: 240: 233: 225: 217: 205: 202: 201: 200: 192: 176: 173: 142: 141: 138: 135: 131: 124: 120: 117: 94: 91: 90: 89: 88: 87: 80: 73: 63: 56: 48: 45: 25:arbitral award 15: 9: 6: 4: 3: 2: 655: 644: 641: 639: 636: 634: 631: 629: 626: 625: 623: 614: 611: 609: 606: 605: 591: 572: 565: 558: 552: 543: 533: 527:, section 57. 526: 520: 513: 507: 500: 493: 487:, section 51. 486: 480: 474:, section 47. 473: 467: 461:, section 39. 460: 454: 447: 442: 432: 425: 421: 417: 413: 409: 403: 389: 387:9780192872968 383: 379: 375: 368: 364: 354: 351: 349: 346: 344: 341: 339: 336: 334: 331: 329: 326: 325: 319: 315: 313: 305: 302: 301: 300: 296: 288: 282: 279: 276: 273: 272: 271: 269: 264: 252: 248: 245: 241: 238: 234: 230: 226: 222: 218: 215: 211: 210: 209: 198: 193: 190: 186: 185: 184: 182: 172: 170: 166: 164: 160: 154: 152: 148: 139: 136: 132: 129: 125: 121: 118: 115: 114: 113: 111: 106: 104: 100: 85: 84:rectification 82:to order the 81: 79:of a contract 78: 74: 71: 67: 66: 64: 61: 57: 54: 53: 52: 44: 42: 38: 34: 30: 26: 22: 633:Business law 590: 578:. Retrieved 564: 551: 542: 532: 519: 506: 492: 479: 466: 453: 445: 441: 431: 416:Commonwealth 402: 391:. Retrieved 377: 367: 328:Adjudication 316: 309: 297: 294: 286: 265: 261: 250: 243: 236: 228: 220: 213: 207: 204:Nomenclature 178: 167: 155: 143: 107: 96: 50: 24: 20: 18: 628:Arbitration 580:12 February 426:" doctrine. 333:Arbitration 232:advantages. 214:provisional 103:arbitration 60:declaration 33:arbitration 622:Categories 393:2024-09-16 359:References 244:additional 159:injunction 134:agreement; 108:Under the 75:to order 499:estoppel 448:1 QB 441 322:See also 237:reasoned 37:judgment 537:points. 420:Federal 291:Appeals 224:issues. 221:partial 414:, the 384:  229:agreed 31:in an 574:(PDF) 557:bribe 436:Iran. 251:draft 41:court 39:in a 582:2022 382:ISBN 197:void 23:(or 410:'s 242:an 227:an 151:CIS 130:"); 19:An 624:: 376:. 249:a 235:a 219:a 212:a 72:") 584:. 396:.

Index

arbitration tribunal
arbitration
judgment
court
declaration
injunctive relief
specific performance
rectification
dispute resolution
arbitration
New York Convention 1958
lex loci arbitri
emerging markets
CIS
injunction
specific performance

sovereign immunity
International Centre for Settlement of Investment Disputes
void
Arbitration Act 1996
expert determination
Adjudication
Arbitration
Dispute resolution
Expert determination
International arbitration
Lex loci arbitri
"What Is an Award? Concept, Content, Drafting, Effects, in Katia Fach Gómez and Catharine Titi (eds), The Award in International International Investment Arbitration"
ISBN

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.