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  • 3.3.6-COTTON MARKETING-THE ARBITRATION AWARD

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  • The arbitration award

    Chapter 3 - Cotton marketing - Arbitration 

     
     

    An arbitration award is in writing and signed by all the tribunal members. It is dated, and will state the ‘seat’ of the arbitration (which in the case of ICA arbitration is England). It will also state the latest date that any appeal against the award must be received by ICA.

    An award must be clear, complete and unambiguous, ensuring that all dispute issues raised by the parties are adequately addressed and that the findings and directions are fully reasoned. The directions contained within the award must be capable of performance under the applied time schedules contained within the award directions.

    The contents of an award will include:

    • Identification of the claimant and respondent;
    • Contentions (arguments) of the parties, or those of one party if proceedings are conducted ex parte;
    • The contract details and any amendments;
    • The arbitration clause;
    • The history and facts of the dispute including the actions of the parties and the procedures leading to arbitration (including appointment of arbitrators);
    • All relevant factors and considerations taken into account;
    • The findings and direction (the award) of the tribunal, which must be reasoned;
    • Direction on the award for interest and costs;
    • The seat of arbitration;
    • Latest date of appeal;
    • Date and signatures of the arbitrators;
    • ICA stamp.

    The award is binding and effective when it is stamped by the ICA.

    Both parties are duly notified that the award is published and the latest date for appeal. The award will be released only when all fees, costs and stamping charges are paid.