​Award Correction and Interpretation

Award Correction and Interpretation
 
The parties may request that the arbitration tribunal or institution fix mathematical mistakes and typographical or printing errors in the arbitration award within the time limit provided by the arbitration rules. The tribunal or institution might repair them independently within a specific timeframe. When an appealing item is left out of the award, the arbitration tribunal must treat it under the legislation or arbitration rules of the location of arbitration. Parties may seek an interpretation of the award from the arbitration panel in required instances under the applicable arbitration rules.
 
Arbitration decisions can be final and binding on the parties involved in a dispute. As a result, it is critical to grasp the rules regulating the arbitration procedure and the significance of meeting the statutory deadlines for seeking revocation or recognition and enforcement of the judgment. As a result, the arbitration procedure offers a quick and efficient way to settle disputes outside of court.