Arbitration awards serve as formal records of decisions made by arbitrators after assessing opposing arguments. They signify the conclusion of an arbitration process and cannot be revisited once issued, emphasizing the necessity for fairness and adherence to natural justice principles. Rigorous standards govern the form and content of these awards, with the arbitration agreement defining the process, showcasing the concept of party autonomy in international arbitration law, which allows parties to design the arbitration process to their specifications within legal confines.
An award can be defined as a record that evidences an arbitrator's decision, which is the consequence of evaluating opposing contentions between parties, weighing evidence and submissions.
The concept of party autonomy is a key pillar of international arbitration law. Parties have the freedom of contract to resolve disputes privately under the terms chosen by them.
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