Arbitration Law
Arbitral Award
The final, binding decision issued by an arbitrator (or arbitral tribunal) resolving the dispute referred to arbitration.
An arbitral award has the same binding effect as a court decree once the time to challenge it has passed, and can be enforced through the courts if the losing party doesn't comply voluntarily.
Grounds to challenge an award are deliberately narrow — courts don't generally re-examine the merits of the arbitrator's decision, only whether the process suffered from serious defects like fraud, bias, or a fundamental violation of the arbitration agreement.
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