Arbitration award

An arbitration award (or arbitral award) is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. It is referred to as an 'award' even where all of the claimant's claims fail (and thus no money needs to be paid by either party), or the award is of a non-monetary nature. Although arbitration awards are characteristically an award of damages against a party, tribunals usually have a range of remedies that can form a part of the award. the tribunal may order the payment of a sum of money (conventional damages) the tribunal may make a "declaration" as to any matter to be determined in the proceedings in most jurisdictions, the tribunal has the same power as a court to: order a party to do or refrain from doing something ("injunctive relief") to order specific performance of a contract to order the rectification, setting aside or cancellation of a deed or other document. Arbitration is particularly popular as a means of dispute resolution in the commercial sphere (for a summary of the various arenas in which arbitration is usually chosen, see the specific article on "arbitration"). One of the reasons for doing so is that, in international trade, it is often easier to enforce an arbitration award in a foreign country than it is to enforce a judgment of the court. Under the New York Convention 1958, an award issued in a contracting state can generally be freely enforced in any other contracting state, only subject to certain, limited defences.