Arbitral Award
The final decision of an arbitral tribunal, binding on the parties in place of a court judgment.
In Simple Terms
The arbitrator's final ruling, which the parties agreed to treat like a court decision.
Detailed Legal Meaning
An arbitral award is the arbitral tribunal's decision on the substance of a dispute submitted to it, and is enforceable in the same manner as a decree of a court once the limited period to challenge it has passed, subject to narrow, statutorily defined grounds for setting it aside.
Relevant Acts & Sections
- Arbitration and Conciliation Act, 1996Search on India Code ↗