Friday, December 21, 2012

What is Arbitral Award and Foreign Arbitral Award?

Arbitral Award: According to the Arbitration Act 2001, Arbitral Award means a decision made by the Arbitral Tribunal on the issue in dispute.

Foreign Arbitral Award: According to section 2(k) of the Arbitration Act 2001, foreign arbitral Award means an award which is made in pursuance of an arbitration agreement in the territory of any state other than Bangladesh and it does not include an award made in the territory of a specified state.

Case decision as regard award:
Bangladesh and others V. KM Shafi Ltd. In this case it was held that there is no particular form for expression of an Arbitrator’s decision (Award). It is not a judgment and it need not contain the reasoning of the Arbitrators.

Whether an award written on plain paper is valid or not: - In this question Court held that – An award is not written on a stamp paper would hardly affect its validity when necessary stamps are provided subsequently.

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