Co-authored by Venus Valentina Wong, Partner in the Wolf Theiss Vienna office, Chapter 2 of the GAR Challenging and Enforcing Arbitration Awards Guide (Third Edition), discusses the definition of an arbitral award, the types of awards, the governing law, as well as the content, form and effects of an arbitral award.
After addressing the criteria for what constitutes an award, Chapter 2 differentiates between the types: final, interim and partial. The chapter then touches upon governing law, namely the lex arbitri at the place of arbitration, followed by that which the award must contain: time limit within which the tribunal must render the award, the date of the award, an indication of when a third party may intend to raise a legal remedy, the place of arbitration and the reasoning for the decision. In most cases, the form of the award requires that it be in writing, and in certain cases this means in electronic form.
Finally, the effect of the award refers to its notification to the involved parties in order to make it binding on them and on the arbitrators.
Download Chapter 2 here