IntroductionThis Practice Note is a guide to arbitration proceedings administered by the International and Ibero-American Arbitration Center of Madrid (‘CIIAM’ or the ‘Center’) (formerly CIAM-CIAR) under its arbitration rules in force since 1 January 2024 (the Arbitration Rules). In particular, it examines how awards are rendered, how costs are determined and allocated, and how proceedings may be terminated.Time limit for rendering awardsThe Arbitration Rules establish time limits that balance reasonable predictability with necessary flexibility. The Arbitration Rules distinguish between ordinary proceedings and fast-track alternatives (‘abbreviated procedure’ and ‘highly expedited procedure’). The Center monitors compliance with deadlines, and arbitrators’ performance in this regard may affect both extension requests and fee determinations (Arts 4.5, 49.1, and institutional guidance on award scrutiny).In ordinary proceedings, unless the parties agree otherwise, arbitrators must render awards on the claims within three months following the hearing or the last substantive submission. Cost submissions are not considered substantive for purposes of calculating