Discuss the Requirements for a Valid Arbitral Award and the Circumstances under which an Arbitral Award can be Set Aside
Discuss the Requirements for a Valid Arbitral Award and the Circumstances under which an Arbitral Award can be Set Aside. Ø Can an Arbitral Award be Set Aside The 1996 Act is underpinned by two core provisions aimed at ensuring the efficiency and effectiveness of arbitration proceedings: firstly, the principle of Minimum Judicial Interference, which emphasises limited court intervention; and secondly, the principles of Finality and Enforcement of Awards, which emphasise the conclusive nature of arbitral decisions and the mechanisms for their enforcement. Therefore, when two parties enter into an arbitration agreement as outlined in Section 7 of the 1996 Act, they mutually commit to abiding by the terms of the agreement and if in the event of a future dispute where arbitration is chosen as the resolution method, the decision rendered by the arbitrator becomes conclusive and obligatory for both parties. However, instances may arise where either one pa...