Common use of Award of the Arbitral Tribunal Clause in Contracts

Award of the Arbitral Tribunal. 1. The arbitral tribunal shall, within 90 days, or within 60 days in cases of urgency, after the date of its establishment, submit to the Parties its draft award, including the descriptive part and its findings and conclusions, for the purposes of enabling the Parties to review it. When the arbitral tribunal considers that it cannot submit its draft award within the aforementioned 90 or 60 days period, it may extend that period with the consent of the Parties. A Party may submit comments in writing to the arbitral tribunal on the draft award within 15 days after the date of submission of the draft award. 2. The arbitral tribunal shall issue its award, within 30 days after the date of submission of the draft award. 3. The award shall contain: (a) findings on the facts of the case and the applicability of and conformity with this Agreement of the measure at issue, 4. The arbitral tribunal shall base its awards on relevant provisions of this Agreement, applicable rules of international law, the submissions and arguments of the Parties, and any information provided pursuant to Article 214. 5. The arbitral tribunal may not, in its award, add to or diminish the rights and obligations of the Parties provided for in this Agreement. 6. The award, including its findings, of the arbitral tribunal shall be final and binding for the Parties.