P.R.I.M.E Finance—the award

The following Arbitration practice note provides comprehensive and up to date legal information covering:

  • P.R.I.M.E Finance—the award
  • Requirements of an award
  • Clarifying or correcting an award

P.R.I.M.E Finance—the award

Section IV of the P.R.I.M.E. Finance Arbitration Rules (the P.R.I.M.E. rules) mirrors the UNCITRAL arbitration rules in addressing the form and effect of arbitral awards, applicable law, settlement and termination, and costs and fees.

An arbitral award issued under the P.R.I.M.E. rules is final and binding on the parties (art 34). This may not mean that an appeal under section 69 of the Arbitration Act 1996 (appeal on a point of law) is excluded as a result (see Essex County Council v Premier Recycling [2006] EWHC 3594 (not available in Lexis®Library) and News Analysis: 'Final, conclusive and binding': does such wording in an arbitration agreement prevent a challenge on a point of law? (10 August 2009)). If parties wish to exclude recourse against an arbitral award as far as is valid under the applicable law, the parties may consider including the ‘Possible Waiver Statement’ included within the model arbitration clause for contracts at Annex A.

Requirements of an award

It is common for the tribunal to deliver a single, final award but there is no obligation to do so. The tribunal may choose to make separate awards on different issues at different times. The form of the award is stipulated in art 34 of the P.R.I.M.E. rules and it must:

  1. be made in writing

  2. be carried out without delay

  3. state the reasons on which

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