Answer ... The arbitral award must be in writing and signed by the arbitrators including the reasons upon which it is based, unless the parties to arbitration have agreed otherwise. The arbitral award must include:
- the names and addresses of the parties;
- the names, addresses, nationalities and capacities of the arbitrators;
- a copy of the arbitration agreement;
- a summary of the parties’ claims, submissions, and documents;
- the dispositive part of the award and the date and place of its issuance; and
- the reasoning, whenever its inclusion is required.
Answer ... The agreement of the parties may impose a time period within which the arbitral tribunal must make its award to ensure that the case is dealt with efficiently. In the absence of such an agreement, the award that finally disposes of the entire dispute must be rendered within 12 months of the date of commencement of the arbitral proceedings. In all cases, the arbitral tribunal may decide to extend the deadline, provided that the period of extension does not exceed six months, unless the parties agree on a longer period.
If the arbitral award is not rendered within the 12-month period, the parties to arbitration may request the president of the competent court to issue an order either extending the time limit or terminating the arbitral proceedings. In the latter case, a party may bring the dispute to the court having initial jurisdiction to adjudicate the case.
The Court of Cassation has decided that the arbitral proceedings governed by UNCITRAL or CRCICA rules are not bound by a time limit for rendering the final award.