Answer ... In both international and domestic arbitration, the award must state the reasons for any decision. Importantly, if an award does not contain reasons, it may be set aside.
Under the domestic arbitration provisions, the award must be in writing and must contain:
- the names of the arbitrators;
- the place and date of the award;
- the names and addresses of the parties, the names of their counsel and the names of other persons who have attended the hearings;
- an indication of the relevant arbitration agreement;
- the object of the dispute and a summary of the parties’ arguments;
- the factual and legal grounds for the award; if the arbitration was decided in equity, the award should also include the reasoning of the decision;
- the dispositive part of the award; and
- the signatures of all arbitrators and the signature of the assistant arbitrator.
In international arbitration, the minimum formal requirements are:
- written form;
- date of the award; and
- signatures of all arbitrators.
Answer ... The award must be issued after the arbitrators have concluded their deliberations. The issue of the award may be postponed by a maximum of 21 days. The award must be communicated to the parties no later than one month from the date on which it was issued.
The Arbitration Rules of the Bucharest International Arbitration Court state that the timeframe within which the tribunal must render its final award is six months, which begins to run from the date of confirmation of the terms of reference in accordance with these rules.
According to the Arbitration Rules of the Court of Arbitration attached to the Chamber of Commerce, the award shall be issued no later than six months from the date on which the tribunal is constituted.