ARBITRAL AWARD

ARBITRAL AWARD

(1) Unless otherwise agreed by the parties, an arbitral tribunal is authorized to make partial and interim awards. A partial award is deemed to be an independent award.

(2) The award shall be made in the place of arbitration (Article 19 of this Law).

(3) The award shall be made in writing. It shall state the reasons upon which it is based, unless the parties have agreed that no reasons are to be given or if the award is an award on agreed terms under Article 29 of this Law.

(4) The date when the award was made and place where it was made shall be stated in the award pursuant to Article 19, paragraphs 1 and 2 of this Law and paragraph 2 of this article.

(5) The original of the award and all copies thereof shall be signed by the sole arbitrator or all members of the panel of arbitrators. The award shall be valid even if some arbitrators failed to sign it, provided that it was signed by the majority of all members of the arbitral tribunal, and that the omission of a signature or signatures is stated in the award.

(6) The awards made in an institutional arbitration shall be served upon the parties by the arbitral institution. In all other cases, the service of the award to the parties shall be made by the arbitral tribunal.

 (7) Unless otherwise agreed by the parties, the service of the award shall be made pursuant to provisions of Article 4 of this Law. If both parties so request, service of the award may be carried out by the court designated in Article 43, paragraph 5 or by a notary public.

Legal effect of the award

The award of the arbitral tribunal shall have, in respect of the parties, the force of a final judgment (res Judicata), unless the parties have expressly agreed that the award may be contested by an arbitral tribunal of a higher instance.