10 Questions
What is the minimum number of arbitrators required for any award or decision of the arbitral tribunal to be made by a majority?
Three 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?
The presiding arbitrator
What types of awards is the arbitral tribunal entitled to make in addition to a final award?
Interim, interlocutory, or partial awards
According to Rule 32, what is the status of the award made by the arbitral tribunal?
It is final and binding on the parties
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
When must reasons for an award be stated by the arbitral tribunal?
Unless the parties have agreed otherwise, reasons must be given
How must an award be signed according to Rule 32?
Signed by all arbitrators collectively
Under what circumstances can an award be made public?
With consent from both parties only
What must an award state if one of three arbitrators fails to sign it?
The reason for absence of signature by that arbitrator
What type of interest must be paid according to Rule 32?
Markup/interest based on current profit margins
This quiz covers the rule related to the place of arbitration according to Rule 16. It includes details about how the place of arbitration is determined by the arbitral tribunal and under what circumstances meetings and consultations can be held.
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