Arbitraal vonnis
Arbitral award
An arbitral award is the binding decision of an arbitrator or arbitral tribunal in arbitration proceedings, obligating the parties to comply with the ruling.
An arbitral award is the formal decision rendered by an arbitrator or a panel of arbitrators in the course of arbitration proceedings. The award is made outside the ordinary judicial system and constitutes an alternative to a court judgment.
It is significant in that it enables the parties to resolve their disputes in an efficient, confidential and often expert manner, particularly in commercial or international matters.
In practice, an arbitral award is recognised and enforced under the New York Convention, rendering it internationally enforceable as well.
“The parties have accepted the arbitral award and have proceeded to payment of the agreed damages.”
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