Enforceability of arbitral awards in the light of theory and practice of law application

Abstract

The article explores the theoretical and practical aspects of the execution of international commercial arbitration awards. The introduction substantiates the relevance of the chosen research topic. In particular, the author argues that the ruling of an arbitration award in a dispute between participants in international commercial traffic is the ultimate purpose of arbitration, as in the settlement of disputes in the courts. Such a purpose should serve as a guarantee for the further execution of the arbitral award. That is why, after the competence to review and resolve the dispute has been established, the arbitrator(s), based on the evidence provided by the parties, the factual circumstances and the provisions of the applicable law, must resolve the dispute by issuing a reasoned decision that could be enforced by the party in favor of which it was rendered, including compulsory enforcement. In view of this, it seems urgent to scientifically comprehend the requirements for arbitration awards of their enforceability from the perspective of protection of rights and interests of participants of international commercial turnover.

The study is built through the lens of examining the requirements for arbitral awards, namely the content, form and order of ruling such decisions. The issues of decision justification and the obligation of arbitration to make a reasoned decision are investigated. Cases where a decision is allowed without justification. Formal requirements for arbitral awards are also examined separately: written decision, date indication, signature of arbitrators and indication of the place of arbitration. Special attention is paid to the issue of the place of arbitration. Attention is drawn to the fact that this is the legal criterion by which the validity of the arbitral award is evaluated. In an arbitration environment, this law is also known as lex arbitri. Requirements for the order of issuing decisions, their adoption by the majority of the arbitration panel and referral to the parties to the dispute are considered separately.

Based on the research, it was concluded that the arbitration panel should take all reasonable and necessary steps to rule an award that would meet the requirements established by the law of the place of arbitration, be reasoned and enforceable. These requirements for arbitration in the vast majority of legal systems and arbitration Rules are legally fixed. The article specifies the norms of international acts and the provisions of acts of national law that substantiate the authors conclusions.