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CS Professional · Arbitration, Mediation and Conciliation · Preparation and Execution of Arbitral Award

An award on agreed terms is made between Orion Steels and Vindhya Logistics. Orion later argues that, being only a recorded settlement, the award has less force than an award after a full hearing. Which statement is correct?

An arbitral award on agreed terms has the same status and effect as any other arbitral award on the substance of the dispute, as provided in section 30(4). It does not need confirmation by a Court and is not merely a contract.

  1. AIt has the same status and effect as any other arbitral award on the substance of the disputeCorrect
  2. BIt has the status of a mere contract and must be separately enforced as such
  3. CIt has lesser effect because no reasons are given in it
  4. DIt acquires the status of an award only after the Court confirms it

Explanation

Section 30(4) provides that an award on agreed terms has the same status and effect as any other arbitral award on the substance of the dispute. No court confirmation is needed. Orion's argument therefore fails.

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