An arbitration award (or arbitral award) is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. It is referred to as an 'award' even where all of the claimant's claims fail (and thus no money needs to be paid by either party), or the award is of a non-monetary nature.
Read more about Arbitration Award: Damages and Other Remedies, Enforcement of Arbitration Awards, Nomenclature, Legal Requirements, Appeals
Famous quotes containing the word award:
“The award of a pure gold medal for poetry would flatter the recipient unduly: no poem ever attains such carat purity.”
—Robert Graves (1895–1985)