Section 7: Section 7: Making of Award and Termination of Proceedings
Article 34 - Rules applicable to substance of dispute(1) The
Arbitral Panelshall decide the dispute in accordance with such rules of law as are chosen by the parties as applicable to the substance of the dispute. Any designation of the law or legal system of a given state or jurisdiction shall be construed, unless otherwise expressed, as directly referring to the substantive law of that state or jurisdiction and not to its conflict of laws rules.(2) Failing any designation by the parties, the Arbitral Panelshall apply the law determined by the conflict of laws rules which it considers applicable.(3) The Arbitral Panelshall decide according to equity and good conscience only if the parties have expressly authorised it to do so, whether before or after the Arbitrationhas commenced.(4) In all cases, the Arbitral Panelshall decide in accordance with the terms of the contract and applicable law, and shall take into account the usages of the trade applicable to the transaction.
Article 35 - Decision making by panel of arbitrators
In arbitral proceedings with more than one arbitrator, any decision of the
Arbitral Panelshall be made, unless otherwise agreed by the parties, by a majority of all its members. However, questions of procedure may be decided by a presiding arbitrator, if so authorised by the parties or all members of the Arbitral Panel.
Article 36 - Settlement(1) If, during arbitral proceedings, the parties settle the dispute, the
Arbitral Panelshall terminate the proceedings and, if requested by the parties and not objected to by the Arbitral Panel, record the settlement in the form of an Awardon agreed terms.(2) An Awardon agreed terms shall be made in accordance with the provisions of Article 37 and shall state that it is an Award. Such an Awardhas the same status and effect as any other Awardon the merits of the case.
Article 37 - Form and contents of Award(1) The
Awardshall be made in writing and shall be signed by the arbitrator or arbitrators. In arbitral proceedings with more than one arbitrator, the signatures of the majority of all members of the Arbitral Panelshall suffice, provided that the reason for any omitted signature is stated.(2) The Awardshall state the reasons upon which it is based, unless the parties have agreed that no reasons are to be given or the Awardis an Awardon agreed terms under Article 36.(3) The Awardshall state its date and the Seatof Arbitrationas determined in accordance with Article 26(1). The Awardshall be deemed to have been made at the Seat.(4) After the Awardis made, a copy signed by the arbitrators in accordance with paragraph 37(1) of this Article shall be delivered to each party.
Article 38 - Costs of proceedings and interest
Unless the parties to an
Arbitration Agreementhave (whether in the agreement or in any other document in writing) otherwise agreed, an Arbitral Panelmay in making an Award:(1) direct to whom, by whom, and in what manner, the whole or any part of the costs that it awards shall be paid;(2) fix the amount of costs to be paid or any part of those costs; and(3) award interest on any sums it directs to be paid.
Article 39 - Termination of proceedings(1) The arbitral proceedings are terminated by the final
Awardor by an order of the Arbitral Panelin accordance with paragraph 39(2) of this Article.(2) The Arbitral Panelshall issue an order for the termination of the arbitral proceedings when:(A) the claimant withdraws his claim, unless the respondent objects thereto and the Arbitral Panelrecognises a legitimate interest on his part in obtaining a final settlement of the dispute;(B) the parties agree on the termination of the proceedings; or(C) the Arbitral Panelfinds that the continuation of the proceedings has for any other reason become unnecessary or impossible.
Article 40 - Correction and interpretation of Award; additional Award(1) Within 30 days of receipt of the
Award, unless another period of time has been agreed upon by the parties:(A) a party, with notice to the other party, may request the Arbitral Panelto correct in the Awardany errors in computation, any clerical or typographical errors or any errors of similar nature; and(B) if so agreed by the parties, a party, with notice to the other party, may request the Arbitral Panelto give an interpretation of a specific point or part of the Award.If the Arbitral Panelconsiders the request to be justified, it shall make the correction or give the interpretation within thirty days of receipt of the request. The interpretation shall form part of the Award.(2) The Arbitral Panelmay correct any error of the type referred to in paragraph 40(1)(A) of this Article on its own initiative within 30 days of the date of the Award.(3) Unless otherwise agreed by the parties or in respect of an agreed Awardmade under Article 36, a party, with notice to the other party, may request, within 30 days of receipt of the Award, the Arbitral Panelto make an additional Awardas to claims presented in the arbitral proceedings but omitted from the Award. If the Arbitral Panelconsiders the request to be justified, it shall make the additional Awardwithin 60 days.(4) The Arbitral Panelmay extend, if necessary, the period of time within which it shall make a correction, interpretation or an additional Awardunder paragraph 40(1) or 40(3) of this Article.(5) The provisions of Article 37 shall apply to a correction or interpretation of the Awardor to an additional Award.