Answer ... The arbitral tribunal shall issue its award either by deciding on the merits or based on a settlement reached by the parties. The arbitral tribunal may decide on costs in a separate award, after it has rendered the final award.
The award must be made in writing. The Arbitration Act provides that the award must state the following:
- identification of the arbitral tribunal;
- names and surnames of the arbitrators;
- identification of the parties and their representatives, by their names and surnames or business names (as appropriate), or by their designations;
- the place of arbitration;
- the date of the award;
- the decision;
- the reasons on which the decision is based, unless the parties have agreed that no reasons are to be given or the award is an award on agreed terms; and
- advice that a petition to set aside the award can be filed with a court.
Answer ... The Arbitration Act does not specify a timeframe within which the award must be produced.