An award is the final determination of an issue or claim in arbitration. The arbitral tribunal can give interim awards for admitted claims. An interim award can be enforced even if it decides only some of the issues while others are outstanding before the arbitrator. An interim award is final on the issues decided by it.
Under Section 2(c) of the Arbitration and Conciliation Act, 1996 an arbitral award also includes an interim award.
An award is different from orders or directions, which address procedural matters in arbitration. For instance, questions concerning extent of disclosure of documents are determined by an order or direction and not by an award.
Award
An arbitral award is a written document containing its date and place of arbitration preferably with the signature of all members of the arbitral tribunal. However, the signatures of the majority of members will suffice if the reason for any omitted signature is given. The award must be a reasoned award unless the parties agree to dispense with such reasoning or the same is a consent award on agreed terms. A signed copy of the award shall be given to each party. Before the final award the arbitral tribunal may make an interim award.
When the award is for payment of money, it may contain provision for pre award interest at reasonable rate on the whole or part of the principal amount from the date of the cause of action until the award. Post award interest shall be at 18% per annum unless otherwise specified.
The cost and expenses of arbitration may also be included in the award.
Additional Award
Unless otherwise agreed by the parties, a party can request the arbitral tribunal upon notice to the other side, to make an additional award on the claims submitted but left undecided in the arbitration award, within 30 days of receipt of the award.
If the arbitral tribunal considers such request to be justified, it shall make the additional award within 60 days or such extended time of receipt of the same.
