Common use of Finality and Enforcement of an Award Clause in Contracts

Finality and Enforcement of an Award. 1. Any arbitral award rendered pursuant to Article 92shall be final, and binding on the disputing parties inrespect of the particular case. 2. Subject to the applicable revision, annulment or setaside procedures, a disputing party shall abide by andcomply with an award without delay. 3. If a disputing Party fails to abide by or comply witha final award, the Party whose investor was a party to thearbitration may have recourse to the dispute settlementprocedure under Chapter 15. In this event, the requesting Party may seek: (a) a determination that the failure to abide by orcomply with the final award is inconsistent withthe obligations of this Agreement; and (b) a recommendation that the Party abide by orcomply with the final award.

Appears in 4 contracts

Samples: Agreement, Agreement, Agreement

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