The primary purpose of an arbitration award is to resolve disputes between parties by providing a binding and enforceable decision.

The arbitrator is the individual or panel responsible for hearing the evidence and arguments presented by the parties and issuing a final and binding decision.

Arbitration awards are generally enforceable as long as they are issued by a properly constituted arbitration panel and are not contrary to public policy.

Arbitration awards can be challenged on the grounds of fraud or corruption, arbitrator misconduct, procedural irregularities, or other grounds specified in the arbitration agreement or applicable law.

The court plays a role in the enforcement of arbitration awards by confirming or vacating the award, modifying the award if necessary, and enforcing the award against the losing party.

An arbitration award is binding and enforceable on the parties involved in the dispute, meaning that they are legally obligated to comply with the terms of the award.

The primary difference between an arbitration award and a court judgment is that an arbitration award is issued by an arbitrator, while a court judgment is issued by a judge.

Arbitration offers several advantages over litigation, including speed, cost-effectiveness, confidentiality, and the ability to choose the decision-maker.

One of the main disadvantages of arbitration is that arbitration awards are generally not subject to appeal, which means that the parties have limited options if they disagree with the outcome of the arbitration.

The arbitral tribunal plays a crucial role in the arbitration process by hearing evidence and arguments from the parties, issuing a final and binding decision, and enforcing the arbitration award.

There are different types of arbitration awards, including final awards, interim awards, and partial awards, each serving different purposes in the arbitration process.

Kompetenz-Kompetenz refers to the authority of the arbitral tribunal to decide its own jurisdiction, including its competence to decide on its own competence.

The principle of Kompetenz-Kompetenz is based on the principles of party autonomy, judicial economy, and finality, recognizing the importance of allowing the arbitral tribunal to determine its own jurisdiction and avoid unnecessary delays and disputes.

If an arbitral tribunal exceeds its jurisdiction, the arbitral award may be set aside by a court, it may be unenforceable, and the arbitral tribunal may be subject to liability.

The court plays a limited role in reviewing arbitration awards, primarily focusing on confirming or vacating the award, modifying it if necessary, and enforcing it against the losing party.