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hie Mike
please can you explain to me the award in arbirtration,,,,what is it?
It’s an award given by the arbitrator (or panel of arbitrators) in favour of one of the two contesting parties booth of whom think that they are right and the other party is not right.
If either of them KNEW they were wrong, the argument would never have been taken to arbitration
So, they argue their case in front of the panel and, after hearing everything that both sides had to say, the panel will say which party should do what and which other party should expect what
OK?
so thats arbitration set aside /cancelled?…….does this mean the arguement has been resolved?
yes – the arbitrator is like a referee. The two sides put forward their point of view backed up by facts and the arbitrator makes a decision and says “This is what’s going to happen” and then instructs the two feuding parties to pay or to accept goods or to ….. do whatever the arbitrator orders them to do
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