Answer ... According to this provision, and unless otherwise agreed by the parties, the arbitrators will decide the dispute in a single award or in as many partial awards as they deem necessary (Article 37.1).
The award will be made in writing and will be signed by the arbitrators, who may add any dissenting opinions. Where there is more than one arbitrator, the signatures of a majority of the members of the tribunal or the signature of the presiding arbitrator alone will suffice, provided that the reason for any omitted signature is stated (Article 37.3).
The award will state the reasons upon which it is based, unless it is delivered on agreed terms in accordance with Article 36 (Article 37.4).
The award will state the date and the place of arbitration as determined in accordance with Article 26.1. The award will be deemed to have been made at that place (Article 37.5).
The award may be formalised before a notary public. Any party, at its own expense, may require the arbitrators, before notification, to formalise the award before a notary public (Article 37.8).
The arbitrators will notify the award to the parties in the form and time agreed by them or, failing such agreement, by means of the delivery to each party of a copy signed by the arbitrators (Article 37.7).
As to the substantive requirements that must be met by arbitral awards, the most important is that, in accordance with Article 41.1 of the Arbitration Act, the award cannot cover matters not submitted to arbitration by the parties or matters that are not arbitrable.
Answer ... Yes. Pursuant to Article 37.2 of the Arbitration Act and unless the parties have agreed otherwise, the arbitrators must deliver the award within six months of the date of submission of the defence or the expiration of the deadline foreseen for such submission. Again, unless the parties have agreed otherwise, this period may be extended by the arbitrators for a period not exceeding two months, by means of reasoned decision.
Subject to any contrary agreement by the parties, failure to deliver the award within this timeframe will not affect the validity of the arbitration agreement or of the later award delivered, without prejudice to the liability which the arbitrators may incur for the delay.