VI. Rendering the Award
The proceedings usually close when the arbitral tribunal is satisfied that the parties have had a reasonable opportunity to present their cases. According to some arbitration rules, the arbitral tribunal shall notify the parties and the arbitral institution of the closure and of when the award can be expected to be submitted. Usually within a maximum time stipulated by the rules applicable to the arbitral procedure, the arbitral tribunal has to render a final award in which it shall also give the reasons for its decision. Should the parties be able to reach a settlement before a final award is rendered, a final award is often issued as a consent award.
In cases of institutionalized proceedings, a few arbitral institutions (such as the ICC, SIAC or CIETAC) will scrutinize the draft of the arbitral award to a certain extent. Usually however, the arbitral institution will at best lay down modifications as to the form of an award or will draw the tribunal’s attention to issues of substance. The final decision on any substantive issues, however, will lie with the arbitral tribunal.