Common use of Enforcement of arbitral award Clause in Contracts

Enforcement of arbitral award. The enforcement of the arbitral award shall immediately be complied with by the party/ies in accordance with its terms and conditions. If a party is constrained to resort to the appropriate court for the enforcement of the arbitral award, the venue shall be in the proper court in the City of Manila, to the exclusion of any other venue. The amount due to a party based on the arbitral award shall be subject to a 2% monthly interest, compounded monthly, for delay in payment from the date it is due reckoned from the date of finality of the arbitral award or the date indicated in the arbitral award. If the arbitral award is appealed to the Court of Appeals and then to the Supreme Court, the reckoning date would retroact to the dates in the preceding sentence unless the decision of the court indicates otherwise. Expenses incurred by a party to enforce the arbitral award through the appropriate court shall be charged to the non-complying party which shall likewise be subject to a 2% monthly interest, compounded monthly, for delay in payment from the date it is due.

Enforcement of arbitral award. The enforcement of the arbitral award shall immediately be complied with by the party/ies in accordance with under its terms and conditions. If a party is constrained to resort to the appropriate court for the enforcement of the arbitral award, the venue shall be in the proper court in the City of Manila, to the exclusion of any other venue. The amount due to a party based on the arbitral award shall be subject to a 2% monthly interest, compounded monthly, for the delay in payment from the date it is due reckoned from the date of finality of the arbitral award or the date indicated in the arbitral award. If the arbitral award is appealed to the Court of Appeals and then to the Supreme Court, the reckoning date would retroact to the dates in the preceding sentence unless the decision of the court indicates otherwise. Expenses incurred by a party to enforce the arbitral award through the appropriate court shall be charged to the non-complying party which shall likewise be subject to a 2% monthly interest, compounded monthly, for delay in payment from the date it is due.