Arbitral Award Law and Legal Definition
An arbitral award or arbitration award refers to a decision made by an arbitration tribunal in an arbitration proceeding. An arbitral award is analogous to a judgment in a court of law. An arbitral award can be of a non-monetary nature where the entire claimant's claims fail and no money needs to be paid by either party.
An arbitration award can be made for payment of a sum of money, declaration upon any matter to be determined in the arbitration proceedings, injunctive relief, specific performance of a contract and for rectification, setting aside or cancellation of a deed or other document.
The following is an example of a state statute (California) defining Arbitral Award :
The term arbitral award is defined under Cal Code Civ Proc § 1297.21 (a) as any decision of the arbitral tribunal on the substance of the dispute submitted to it and includes an interim, interlocutory, or partial arbitral award. The arbitral tribunal may, at any time during the arbitral proceedings, make an interim arbitral award on any matter with respect to which it may make a final arbitral award. The interim award may be enforced in the same manner as a final arbitral award [Cal Code Civ Proc § 1297.316]. Unless otherwise agreed by the parties, a party may request, within 30 days after receipt of the arbitral award, the arbitral tribunal to make an additional arbitral award as to the claims presented in the arbitral proceedings but omitted from the arbitral award [Cal Code Civ Proc § 1297.334].
Pursuant to USCS Foreign Arb Awards Article 1, the term arbitral awards shall include not only awards made by arbitrators appointed for each case but also those made by permanent arbitral bodies to which the parties have submitted.