Okuzeka
Contract & Commercial Law vocabulary · Disputes & Arbitration

Arbitral award

Meaning in contract & commercial law, with examples

nounCommon term

In contract & commercial law, arbitral award means: The final decision of an arbitrator or arbitral tribunal that resolves the dispute and is binding on the parties.

In Turkish: hakem kararı, tahkim kararı

How it is used

Often simply called 'the award'. Under the 1958 New York Convention it can be enforced in more than 170 countries, and courts can set it aside only on limited grounds. The tribunal 'renders' or 'issues' an award; the winning party 'enforces' it.

Example sentences

  1. The arbitral award ordered the buyer to pay the outstanding price plus interest.

  2. We have started proceedings to enforce the arbitral award in Turkey.

Common collocations

  • enforce an arbitral award
  • issue an award
  • set aside an award
  • final award
  • arbitrationA private way of resolving disputes in which the parties agree to let one or more independent arbitrators decide the case instead of a national court.
  • disputeA disagreement between parties about their rights or obligations, for example over payment, quality or the meaning of a clause.
  • jurisdictionThe power of a court to hear and decide a case; also a country or territory with its own courts and laws.
  • settlementAn agreement that ends a dispute or lawsuit, usually with one party paying an agreed amount and both sides dropping their claims.

More terms: Disputes & Arbitration

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This page explains English vocabulary for learners. It is not legal advice.