Time Limits on Issuing Award Sample Clauses

Time Limits on Issuing Award. ‌ Some international arbitration rules set deadlines or target deadlines for the issuance of the final award in an arbitration proceeding. Those deadlines might be triggered by a variety of events, such as the “closing of the record” or, in an ICC arbitration, the operative date of the terms of reference. The desire to establish deadlines for the issuance of awards is logical for a variety of reasons, including the need to ensure efficiency and to bring the parties’ dispute to a final and enforceable conclusion. Such deadlines, however, can often be difficult to satisfy through no fault of the arbitrators. Experienced arbitrators obviously have busy schedules that can render it difficult for the tribunal members to immediately deliberate, come to a decision, and reduce their decision to writing within the time provided for in some rules, especially when it was not possible in the first instance to project when the award writing period would commence running. Additionally, delays in the completion of the award sometimes are attributable to the fact that the administering institution also must review a draft of the award or because of other intervening circumstances. In contrast, the nature of some arbitrations is such that it should be relatively easy for the arbitrators to promptly, and sometimes almost immediately, issue their award upon the completion of hearings and any post-hearing submissions. Depending on the nature of the contract and the types of disputes that may reasonably be expected to arise under that contract, contracting parties thus might conclude that it would be wise either to extend the deadline for the issuance of an arbitral award provided for in the applicable rules or, alternatively, to truncate that deadline. Parties thus should not be entirely averse to establishing a contract-specific deadline for the issuance of the final award in an arbitration proceeding. When they do consider establishing deadlines, they must realize that some arbitral institutions might not permit the alteration of the deadlines established under their rules and that few arbitration provisions can contemplate the broad range of disputes that can arise under a contract and, in particular, under long-term contracts that are typical in many sectors of the petroleum industry. Generally, shortened deadlines for the issuance of an arbitral award are best reserved for proceedings that are themselves expedited. For more substantial disputes, or for arbitration agreem...
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