Arbitral award the term award is not defined in the arbitration act 1940 are the arbitration and conciliation act 1996 according to the section 2 of the arbitration and conciliation and the arbitration award includes on the interim award its means decision of the person to whom a dispute is referred to by the parties to the dispute in other words award is a decision of an arbitrator which is binding and party to the dispute
The privy Council Laldas V/S Bailal Bom LR20 laid down that “an arbitral award is the equivalent to the judgement of the court”
An arbitration makes/ passes the award after taking into the caused direction various factor settlement of the parties and witnesses concerned examine the relative document etc.
ESSENTIAL OF AWARD section 31 of the arbitration and conciliation act 1996 provide for from and content an arbitral award as stated below
1. An arbitral award shall be made in writing and shall be signed by the member of the arbitral Tribunal.
2. For purpose of the sub-sections (1)in the arbitral proceeding with more than one arbitrator the sign nature of the majority of act the member of the Arbitral Tribunal shall be sufficient so long as the reason for any omitted signature is stated
3. the award shall state the reason upon which it is a based
a) the party have agreed that no reason are to give or
b) the award is an arbitral award on agreed under Section 30
4. it must state /contain the date and place of the arbitration in an in accordance with section 20
5. after the award is made a signed copy of it shall be delivered to the each party
6. the arbitral Tribunal may be at any time during the arbitral proceedings make and interim arbitral award on any matter with the respect to which it mean make final arbitral award.