Chapter 7 Chapter 7 — Making of award and termination of proceedings
49. Rules applicable to substance of dispute(1) The arbitral tribunal shall decide the dispute in accordance with the rules of law chosen by the parties. 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) In the absence of any designation by the parties, the arbitral tribunal shall decide the dispute in accordance with the rules of law it considers appropriate.(3) In either case, the arbitral tribunal shall take trade usages into account.
50. Decision making by panel of arbitrators
In arbitral proceedings with more than one (1) arbitrator, any decision of the arbitral tribunal shall be made, unless otherwise agreed by the parties, by a majority of all its members. If there is no majority, the award shall be made by the president of the arbitral tribunal alone. However, questions of procedure may be decided by a presiding arbitrator, if so authorised by the parties or all members of the arbitral tribunal.
51. Remedies(1) The parties are free to agree on the powers exercisable by the arbitral tribunal as regards to remedies.(2) Subject to any contrary agreement by the parties, the tribunal shall have the power to grant any remedy permitted under the substantive law governing the claim for which the remedy is sought.(3) Unless otherwise agreed by the parties, and subject to any contrary provision of any applicable law referred to in subsection (2), the tribunal’s powers to award remedies shall include (but shall not be limited to) the following:(a) The tribunal may make a declaration as to any matter to be determined in the proceedings;(b) The tribunal may order the payment of a sum of money, in any currency; and(c) The tribunal has the same powers as the court:(i) To order a party to do or refrain from doing anything;(ii) To order specific performance of a contract (other than a contract relating to land); and(iii) To order the rectification, setting aside or cancellation of a deed or other document.
52. Interest(1) The parties are free to agree on the powers of the tribunal as regards to the award of interest.(2) Subject to any contrary agreement by the parties, the tribunal’s powers as regards to the awarding of interest shall be in accordance with the substantive law governing the claim for which an award of interest is sought.(3) Unless otherwise agreed by the parties, and subject to any contrary provision of any applicable law referred to in subsection (2), the tribunal’s powers to award interest shall include (but shall not be limited to) the following powers:(a) The tribunal may award simple or compound interest from such dates, at such rates and with such rests as it considers meets the justice of the case —(i) on the whole or part of any amount awarded by the tribunal, in respect of any period up to the date of the award; or(ii) on the whole or part of any amount claimed in the arbitration and outstanding at the commencement of the arbitral proceedings but paid before the award was made, in respect of any period up to the date of payment.(b) The tribunal may award simple or compound interest from the date of the award (or any later date) until payment, at such rates and with such rests as it considers meets the justice of the case, on the outstanding amount of any award (including any award of interest under subsection (3) and any award as to costs).(4) References in this section to an amount awarded by the tribunal include an amount payable in consequence of a declaratory award by the tribunal.
53. Settlement(1) If, during arbitral proceedings, the parties settle the dispute, the arbitral tribunal shall terminate the proceedings and, if requested by the parties and agreed to by the arbitral tribunal, record the settlement in the form of an arbitral award on agreed terms.(2) An award on agreed terms shall be made in accordance with the provisions of section 54 and shall state that it is an agreed award. Such an award has the same status and effect as any award made on the merits of the case.
54. Awards on different aspects of matters
The arbitral tribunal may make more than one award at different times on different aspects of the matters to be determined.
55. Form and contents of award(1) The award shall be made in writing.(2) The award shall state the reasons upon which it is based, unless the parties have agreed that no reasons are to be given or the award is an award on agreed terms under section 53.(3) The award shall state its date and the seat of the arbitration as determined in accordance with section 34(1). The award shall be deemed to have been made at the seat of the arbitration, irrespective of where it is written or signed, and regardless of the method whereby it is signed, whether it is signed by the members of the arbitral tribunal in person, it is sent to be signed by each member separately, or it is signed by electronic means.(4) An award signed by electronic means shall have the same legal validity and enforceability and constitute the original award for the purposes of section 61(2)(a) of these Regulations, as an award with manually executed signatures of arbitral tribunal.(5) After the award is made, an electronic copy shall be delivered to each party. An original hard copy of the award shall be delivered on request of a party.(6) The arbitral tribunal shall fix the costs of the arbitration in its award or as provided for in subsection (8) below. Unless the arbitral tribunal determines otherwise, the recoverable costs of the arbitration shall be determined on the basis that they are reasonable and proportionate. The term “costs” includes:(a) the fees of the arbitral tribunal to be stated separately as to each arbitrator;(b) the travel and other expenses incurred by the arbitrators;(c) the costs of expert advice and of other assistance required by the arbitral tribunal;(d) the travel and other expenses of witnesses;(e) other costs for the conduct of the arbitration, including those for meeting rooms, technological solutions such as electronic document management and virtual hearing platforms, interpreters and transcription services;(f) the costs for legal representation and assistance of the successful party if such costs were claimed during the arbitration;(g) the costs of any party-appointed experts if such costs were claimed during the arbitration; and(h) any fees and expenses of any arbitral institution or appointing authority.(7) In fixing the costs of the arbitration, the arbitral tribunal may direct to whom, by whom, and in what manner, the whole or any part of the costs shall be paid.(8) If the arbitral tribunal does not fix the costs of the arbitration in its award, a party to the arbitral proceedings may, within 30 days of receiving the award, apply to the arbitral tribunal for a further award on costs. After giving the parties an opportunity to make representations, the arbitral tribunal shall make a further award on costs.
56. Termination of proceedings(1) The arbitral proceedings are terminated by the arbitral tribunal’s award, or where more than one (1) award is made by the arbitral tribunal's final or last award, or by an order of the arbitral tribunal in accordance with subsection (2).(2) The arbitral tribunal shall 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 tribunal recognises 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) at the request of a party, the arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible.If the arbitral tribunal issues an order for termination under this subsection (2) , unless otherwise agreed by the parties, the arbitral tribunal may issue an award on costs in accordance with section 55 above.(3) The mandate of the arbitral tribunal terminates with the termination of the arbitral proceedings, subject to the provisions of subsection (5) and of sections 57 and 58.(4) The arbitral tribunal may refuse to deliver a final award or an order for termination of the arbitral proceedings in accordance with subsection (2) until its fees and expenses are paid in full.(5) Subject to any process agreed between the parties in the arbitration agreement, if the arbitral tribunal refuses to deliver an award or order until its fees and expenses are paid, any party to the arbitral proceedings may request the arbitral institution administering the arbitration or, where there is no such institution, the Court to determine, by such means as it considers appropriate, the amount of the fees and expenses properly payable to the arbitral tribunal.
57. Correction and interpretation of award; additional award(1) The parties are free to agree on the powers of the arbitral tribunal to correct, interpret an award or make an additional award.(2) If, or to the extent there is no such agreement, the following provisions shall apply.(3) 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 tribunal to correct in the award any errors in computation, any clerical or typographical errors or any errors of a similar nature; or(b) if so agreed by the parties, a party, with notice to the other party, may request the arbitral tribunal to give an interpretation of a specific point or part of the award.(4) If the arbitral tribunal considers the request to be justified, it shall make the correction or give the interpretation within 30 days of receipt of the request. The correction or interpretation shall form part of the award.(5) The arbitral tribunal may correct any error of the type referred to in subsection (3)(a) on its own initiative within 30 days of the date of the award.(6) Unless otherwise agreed by the parties or in respect of an agreed award made under section 53, a party, with notice to the other party, may request, within 30 days of receipt of the award, the arbitral tribunal to make an additional award as to claims presented in the arbitral proceedings but omitted from the award. If the arbitral tribunal considers the request to be justified, it shall make the additional award within 60 days.(7) The arbitral tribunal may extend, if necessary, the period of time within which it shall make a correction, interpretation or an additional award under subsection (3) or (6).