Answer ... The award is decided by majority vote. The award must be in writing and must include:
- the name(s) of the arbitrator(s);
- the seat of the arbitration;
- the details of the parties;
- a reference to the arbitration agreement and to the parties’ conclusions;
- the reasoning;
- the decision of the tribunal;
- the signature of the arbitrator(s); and
- the relevant date(s).
The award must be signed by a majority of the arbitrators, who will state that the other arbitrator(s) are unable or unwilling to sign. The award becomes effective when the last signature is affixed and must be sent to the parties within 10 days.
Answer ... Unless the parties have agreed otherwise, the timeframe within which to issue the award is 240 days from the constitution of the arbitral tribunal. This term may be extended for a further 180 days, by operation of law, if any of the following circumstances occurs:
- witness evidence must be gathered;
- an expert is appointed by the arbitral tribunal;
- a partial or interim award is issued; or
- one of the arbitrators is replaced.
The timeframe can also be extended by order of the court, upon the request of the arbitrator(s) or of one or all of the parties, or by agreement of the parties.