The following Arbitration guidance note provides comprehensive and up to date legal information covering:
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  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.
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:
be made in writing
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234