Common use of Powers and Responsibilities of the Arbitration Board Clause in Contracts

Powers and Responsibilities of the Arbitration Board. (i) The Arbitration Board shall hear the parties and render an award within fifteen (15) working days from the time the Chairperson has been appointed and shall commence its proceedings within forty-eight (48) hours after the Chairperson has been appointed. (ii) The award of the Arbitration Board shall be final and binding upon the parties. (iii) Should the parties disagree as to the meaning of the award, either party may apply to the Chairperson to reconvene the Board of Arbitration to clarify the award, which the Chairperson shall do within forty-eight (48) hours of such request. (iv) The time limits fixed in this Article 12 may be extended by mutual agreement of the parties.

Powers and Responsibilities of the Arbitration Board. (i) The Arbitration Board shall hear the parties and render an award within fifteen (15) working days from the time the Chairperson has been appointed and shall commence its proceedings within forty-eight (48) hours after the Chairperson has been appointed. (ii) The award of the majority of the Arbitration Board shall be final and binding upon the both parties. (iii) Should the parties disagree as to the meaning of the awardBoard’s decision, either party may apply to the Chairperson Chairperson, within five (5) working days of receipt of the decision, to reconvene the Board of Arbitration to clarify the award, which the Chairperson shall do within forty-eight (48) hours of such requestdecision. (iv) The time limits fixed in this Article 12 may be extended by mutual agreement of the parties.