As per the Statute, following are the essential elements of an Arbitral award
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- It shall be in writing.
- It shall be signed by members of Arbitral Tribunal.
- It shall state the reasons on which the Award is based.
- It shall also mention date and place of arbitration.
- A signed copy of the Award shall be delivered to each party.
NOTE: The Tribunal if required can also pass an interim arbitral award.
Correction and Interpretation of Arbitral Award:- Section 33 of the Act deals with the correction and interpretation of Arbitral award.
- It provides that the Tribunal may correct the award within 30 days from the receipt of award.
- If the Tribunal finds the request for correction to be reasonable, then it shall make a correction or interpretation of a specific point or part of the award within 30 days of the receipt of request.
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NOTE: However, if the Tribunal deems it necessary it can also extend the period of time within which it will make correction in the Award or interpretation of the Award.
Additional Award:
- It states that unless otherwise agreed by the Parties, a party with notice to the other party may request the Tribunal for passing an Additional Award as to the claims presented in the Arbitral proceedings but erroneously omitted from the Arbitral Award
