
Contents
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A. Article 26 — The Award A. Article 26 — The Award
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Article 26.1 Article 26.1
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The requirement to provide a reasoned award The requirement to provide a reasoned award
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The award shall state the date of the award and the seat of the arbitration The award shall state the date of the award and the seat of the arbitration
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Signature of the award Signature of the award
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No time limit for issuance of awards No time limit for issuance of awards
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Article 26.2 Article 26.2
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Article 26.3 Article 26.3
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Article 26.4 Article 26.4
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Article 26.5 Article 26.5
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Review of awards by the LCIA Review of awards by the LCIA
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Transmission of the award is conditioned on the parties’ payment of the costs of the arbitration Transmission of the award is conditioned on the parties’ payment of the costs of the arbitration
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Article 26.6 Article 26.6
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Article 26.7 Article 26.7
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Article 26.8 Article 26.8
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Article 26.9 Article 26.9
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Final and binding nature of awards Final and binding nature of awards
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Waiver of any right of appeal, review, or recourse Waiver of any right of appeal, review, or recourse
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B. Article 27 — Correction of Award and Additional Awards B. Article 27 — Correction of Award and Additional Awards
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Article 27.1 Article 27.1
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Procedure and timing of an application for correction Procedure and timing of an application for correction
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Grounds for an application Grounds for an application
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Corrections take the form of signed and dated memoranda that become part of the award Corrections take the form of signed and dated memoranda that become part of the award
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Article 27.2 Article 27.2
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Article 27.3 Article 27.3
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7 Awards (Articles 26 and 27)
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Published:March 2009
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Extract
The issuance of an award represents the culmination of the arbitration process, at least with respect to a particular issue or head of claim in the case of partial awards. Articles 26 and 27 of the Rules bring together all of the relevant provisions dealing with awards (Article 26) and the post-award remedies available to the parties (Article 27).
Article 26 — The Award
Article 26 is split into nine sub-articles, each dealing with a distinct issue relating to the form, content, issuance, and effect of awards. It has been suggested that the heading of Article 26 should more correctly be ‘awards’ in the plural, since Article 26.7 allows a tribunal to make as many awards as it likes, as and when it considers appropriate.1
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