- Every international arbitration has as its ultimate purpose the rendering of a binding final award by the arbitrator or arbitral tribunal. Of course, at least from the parties’ perspective, the final award is only as good as its ability to be enforced before a national court.
- To ensure that the award will be recognized and enforced, an arbitrator or tribunal must:
- Make certain that it has jurisdiction to decide the dispute;
- Comply with the procedural rules governing the arbitration;
- Conform to any dictates in the arbitration agreement;
- Apply the substantive law governing the dispute (the lex arbitri); and
- When required (e.g., ICC arbitration), have the arbitral organization approve the award.
Ch. 20 Stages of the Arbitral Process
PETER SHERWIN, KENNETH E. ALDOUS