As per Section 31 and 32 of the Arbitration and Conciliation Act, 1996, Final Award is the ultimate decision rendered by the arbitral tribunal that conclusively determines all the issues submitted to it.
Termination of Proceedings: Under Section 32, the arbitral proceedings are formally terminated when the tribunal issues the final award (or an order for termination).
Characteristics: It must be in writing, signed by the majority of the members, and contain the reasons for the decision (unless the parties agree otherwise).
Legal Effect: It has the same binding force as a court decree and is enforceable under Section 36 after the time for challenging the award under Section 34 has expired. Once a final award is passed, the tribunal becomes functus officio (its authority ends), except for minor corrections.
No comments:
Post a Comment