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Arbitration Rule 16: Place of Arbitration

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Arbitration Rule 16: Place of Arbitration

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Questions and Answers

What is the minimum number of arbitrators required for any award or decision of the arbitral tribunal to be made by a majority?

One arbitrator

Three arbitrators (correct)

Four arbitrators

Two arbitrators

In the case of questions of procedure, who may decide on his own if there is no majority or if authorized by the arbitral tribunal?

One of the parties

All the arbitrators collectively

The legal counsel of both parties

The presiding arbitrator (correct)

What types of awards is the arbitral tribunal entitled to make in addition to a final award?

Only final awards

Interim and final awards

Final and partial awards

Interim, interlocutory, or partial awards (correct)

According to Rule 32, what is the status of the award made by the arbitral tribunal?

It is final and binding on the parties Signup and view all the answers

When must an award provide for the payment of markup/interest on the awarded sum?

For the period between the date of award up to the date of payment Signup and view all the answers

When must reasons for an award be stated by the arbitral tribunal?

Unless the parties have agreed otherwise, reasons must be given Signup and view all the answers

How must an award be signed according to Rule 32?

Signed by all arbitrators collectively Signup and view all the answers

Under what circumstances can an award be made public?

With consent from both parties only Signup and view all the answers

What must an award state if one of three arbitrators fails to sign it?

The reason for absence of signature by that arbitrator Signup and view all the answers

What type of interest must be paid according to Rule 32?

Markup/interest based on current profit margins Signup and view all the answers