Glossary
Arbitral award
common-lawcivil-law
The binding decision of an arbitral tribunal, enforceable in over 170 states.
In more detail
Under the New York Convention, courts must recognise and enforce foreign awards subject to a short list of exceptions such as invalid agreement, denial of due process or public policy. This portability is the principal reason cross-border commercial contracts choose arbitration over litigation.
Related terms
- ad-hoc-arbitration
- seat-of-arbitration
See how this applies to you
Definitions are general. How a term operates depends on the jurisdiction you are in.