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.
(9) Subject only to sections 58 and 62, all awards made by the arbitral tribunal shall be final and binding on the parties.