Answer ... Under some arbitral rules, the arbitrator announces the result and provides a numerical award. This “unreasoned award” can be handed down quickly, but is harder to challenge. The arbitration agreement, however, can provide for a “reasoned award”, which provides key findings and the reasons for those findings (see Tully Constr Co/AJ Pegno Constr Co v JV Canam Steel Corp, 2015 WL 906128, at *14 (SDNY 2 March 2015)). Courts have held that “an arbitrator exceeds his or her authority by issuing an improper form of award” (Tully Const Co, 2015 WL 906128 at *18). The agreement, in any event, must provide that the arbitral award will be final and binding (see 9 USC § 9).
Answer ... The parties are free to incorporate time limits into their arbitration agreements. The applicable arbitration rules may also require that the parties proceed on a certain schedule. For example, Rule 15.7 of the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration of Domestic and International Disputes requires the parties and the arbitrator(s) to use best efforts to ensure that the dispute will be submitted to the tribunal for decision within six months of the initial pre-hearing conference, and that the final award be rendered within one month of the close of proceedings. Rule 9.2 authorises the arbitrator(s) to establish time limits for each phase of the proceeding.