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Time limit fot the award
|36.1 || |
By submitting to arbitration under these Rules the parties shall so deemed to have agreed that the provisions of this Article shall apply to extending the time limit for rendering the final award.
|36.2 || |
The time limit within which the Tribunal must render its final Award is six months from the date the sole arbitrator (or the Chairman in the case of three arbitrators) receives the file.
|36.3 || |
The Tribunal may, on its own initiative, extend the time-limit for up to additional six months.
|36.4 || |
The Executive Committee may extend this time limit further pursuant to a reasoned request from the Tribunal or on its own initiative if it decides that it is necessary to do so.
|36.5 || |
The period specified as aforesaid shall cease to run whenever the arbitration is discontinued or suspended before the Tribunal and shall recommence from the date on which the Tribunal is notified that the reason for which the arbitration was suspended or terminated has ceased to exist. If the remaining period is less than a month, it shall be extended to one full month.
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|37.1 || |
The Tribunal may make preliminary, interim, interlocutory, partial or final awards.
|37.2 || |
All awards shall be made in writing and shall be final and binding on the parties. By agreeing to arbitration under these Rules, the parties undertake to carry out any award immediately and without any delay; and the parties also waive irrevocably their right to any form of appeal, review or recourse to any state court or other judicial authority, insofar as such waiver may be validly made.
|37.3 || |
Unless the parties have agreed otherwise, where there is more than one arbitrator, any award, order or other decision of the Tribunal shall be made by a majority. In the absence of a majority, the Chairman of the Tribunal shall make the award, order or other decision alone.
|37.4 || |
The award shall state the date on which it was made, as well as the seat of arbitration.
|37.5 || |
The award shall state the reasons on which it is based, unless the parties have agreed that no reasons should be stated and the law applicable to the arbitration does not require the statement of such reasons.
|37.6 || |
The award shall be signed by the Tribunal. The signature of the award by a majority of the arbitrators, or, in the case of paragraph (3), second sentence, by the Chairman, shall be sufficient. Where there is more than one arbitrator and one of them fails to sign without valid cause, the award shall state the reason for the absence of the signature.
|37.7 || |
If any arbitrator fails to comply with the mandatory provisions of any applicable law relating to the making of the award, having been given a reasonable opportunity to do so, the remaining arbitrators may proceed in his absence and state in their award the circumstances of the other arbitrator's failure to participate in the making of the award.
|37.8 || |
The award shall be communicated by the Tribunal to the Centre in a number of originals sufficient to provide one for each party, all members of the Tribunal and the Centre. The Centre shall formally communicate an original of the award to each party and the arbitrator or arbitrators, provided that the arbitration costs and fees have been paid to the Centre in accordance with Appendix - Cost of Arbitration.
|37.9 || |
The award may be made public only with the consent of the parties.
|37.10 || |
The Arbitration Costs and fees, in accordance with Appendix - Cost of Arbitration, and their apportionment between the parties shall be fixed in the award or other order by which the arbitral proceedings are terminated. An award may be rendered solely for costs.
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Interpretation, Correction and Additional Award
|38.1 || |
Within 30 days of receipt of the final award, the parties may, by a joint written notice to the Tribunal, with a copy to the Centre, request the Tribunal to give an interpretation of the award. If the Tribunal considers the request to be justified, it shall provide interpretation within 30 days of receipt of the request. Any interpretation, which shall take the form of a supplemental award signed by the Tribunal, shall become part of the final award.
|38.2 || |
Within 30 days of receipt of the award, a party may, by written notice to the Tribunal, with a copy to the Centre and the other party, request the Tribunal to correct any clerical, typographical or computational errors in the award. If the Tribunal considers the request to be justified, it shall make the correction within 30 days of receipt of the request. Any correction which shall take the form of a supplemental award signed by the Tribunal, shall become part of the award.
|38.3 || |
The Tribunal may correct any error of the type referred to in paragraph (2) on its own initiative within 30 days after the date of the award.
|38.4 || |
A party may, within 30 days of receipt of the award, by written notice to the Tribunal, with a copy to the Centre and the other party, request the Tribunal to make an additional award in respect of claims or counterclaims presented in the arbitration but not dealt with in any award. Before deciding on the request, the Tribunal shall give the parties an opportunity to be heard. If the Tribunal considers the request to be justified, it shall, wherever reasonably possible, make the additional award within 60 days of receipt of the request.