Answer ... An award must be approved and signed by at least a majority of the arbitrators, made in writing and served on the parties. The operative part of the award must be unambiguous. The award must be reasoned, unless the parties agree otherwise.
In deciding the case, the arbitrators shall proceed according to the law applicable to the dispute; they may decide the dispute according to principles of equity if they have been explicitly instructed to do so by the parties. Apart from the abovementioned requirements, the parties must have equal standing in the arbitration proceedings and must have a full opportunity to assert their rights.
Answer ... The Arbitration Act does not specify any express timeframe for rendering the award.