Arbitral Award

An arbitral award is a decision made by an arbitrator or a panel of arbitrators in an arbitration process, which is a method of resolving disputes outside of court. When parties agree to arbitration, they submit their conflict to a neutral third party, who hears both sides and makes a binding decision. This award outlines the resolution and may include orders for compensation or specific actions. It is generally enforceable by law, similar to a court judgment, providing a quicker and often less formal way to settle disagreements.