AWARD

Rule 60
No award shall be made by the arbitral tribunal unless the case of the party applying for arbitration has been brought to the notice of the other party and until after the lapse of such specified time within which he has been asked to submit his defence statement under Rule 18.

Rule 61 Whenever there is more than one arbitrator, the award of the majority shall prevail and be taken as the decision of arbitral tribunal. Failing a majority, the Presiding Arbitrator of the arbitral tribunal alone shall make the award.

Rule 62 Should the Parties arrives at a settlement of the dispute by common agreement before the Arbitral Tribunal and the Arbitral Tribunal is satisfied that such is genuine and not to defeat the purpose of any law, the arbitral tribunal shall render an award as per agreement of the Parties. Otherwise, the arbitral tribunal shall make the award on the basis of the documents, evidence, etc filled before it by the Parties.

Rule 63 The arbitral tribunal shall make the award as expeditiously as possible, preferably within six months according to the Guidelines from the date of the reference subject to a maximum limit of two years from the date of commencement of the arbitral proceedings. If necessary, the maximum limit of two years for making the award be extended by agreement between the parties to the dispute or by the Committee.

Rule 64 The arbitral award shall state the reasons upon which it is based, unless: •  the parties have agreed that no reasons are to be given, or •  the award is an arbitral award on agreed terms.

Rule 65 The arbitral award shall state its date and the place of arbitration and the award shall be deemed to have been made at that place.

Rule 66 The arbitral tribunal may make an interim award, and may, by an award, determine and order what shall be done by either or any of the Parties, respecting the matters referred.

Rule 67
The arbitrators constituting the arbitral tribunal or the Presiding Arbitrator where Rule 61 is applicable, shall sign the award and the Registrar shall give notice in writing to the Parties of the making and signing thereof and of the amount of fees & charges payable in respect of the arbitration and the award. The arbitrators fee shall be payable by the Council on receipt of the award and requisite deposit made by the parties.