Final Award

A Final Award is the final decision made by an arbitration tribunal on a dispute. It resolves the issues brought before the tribunal and is binding on the parties involved. In simpler terms, after both sides present their arguments and evidence, the tribunal issues a ruling that settles the matter completely. This award legally concludes the arbitration process, and parties typically cannot appeal it, making it a definitive resolution to their conflict. It's commonly used in business disputes, contracts, and international agreements.