Section 31 lays down the requirements of form and content of an arbitral award. It states that award shall be in writing, signed by all the arbitrators or at least majority of them, stating reason for omitted signature.
Singed copy of the award shall be delivered to each party.
Award shall state the reasons on which it’s based unless the parties have agreed that no reasons are to be given. It shall also state date and place of arbitration.
An award for the payment of money, tribunal may include interest at reasonable rate in the sum. Unless award directs otherwise, the interest rate shall be 2% higher than current rate of interest prevalent.
Tribunal can also make an interim arbitral award during the proceedings.
The text of the Section 31 can be found below:
“31.- Form and contents of arbitral award.
(1) An arbitral award shall be made in writing and shall be signed by the members of the arbitral tribunal.
(2) For the purposes of sub-section (1), in arbitral proceedings with more than one arbitrator, the signatures of the majority of all the members of the arbitral tribunal shall be sufficient so long as the reason for any omitted signature is stated.
(3) The arbitral award shall state the reasons upon which it is based, unless—
(a) the parties have agreed that no reasons are to be given, or
(b) the award is an arbitral award on agreed terms under section 30.
(4) The arbitral award shall state its date and the place of arbitration as determined in accordance with section 20 and the award shall be deemed to have been made at that place.
(5) After the arbitral award is made, a signed copy shall be delivered to each party.
(6) The arbitral tribunal may, at any time during the arbitral proceedings, make an interim arbitral award on any matter with respect to which it may make a final arbitral award.
(7) (a) Unless otherwise agreed by the parties, where and in so far as an arbitral award is for the payment of money, the arbitral tribunal may include in the sum for which the award is made interest, at such rate as it deems reasonable, on the whole or any part of the money, for the whole or any part of the period between the date on which the cause of action arose and the date on which the award is made.
(b) A sum directed to be paid by an arbitral award shall, unless the award otherwise directs, carry interest at the rate of two per cent. higher than the current rate of interest prevalent on the date of award, from the date of award to the date of payment.
Explanation.— The expression "current rate of interest" shall have the same meaning as assigned to it under clause (b) of section 2 of the Interest Act, 1978 (14 of 1978).
(8) The costs of an arbitration shall be fixed by the arbitral tribunal in accordance with section 31A.”
IDRC e-Arbitration
Business Friendly
Helps the parties resolve disputes without sacrificing the business relationship
Cost-efficient
By a speedy resolution the parties can focus on profitable business activities rather than spending time and money on litigation
Enforceable
The arbitral award is enforceable as a decree
Fast
A IDRC e-Arbitration is completed within prescribed time.
Paperless
The entire arbitration process is completed without a piece of paper being used.
IDRC e-Mediation
Business Friendly
Helps the parties resolve disputes without sacrificing the business relationship
Cost-efficient
By a speedy resolution the parties can focus on profitable business activities rather than spending time and money on dispute resolution
Fast
A IDRC e-Mediation is usually completed within a prescribed time.
Flexible
The parties are actively in control of the dispute resolution process.
Paperless
The entire mediation process is completed without a piece of paper being used.
