Juridical Tribune (Mar 2019)
Types of international arbitral awards and their effects, focusing on two case studies: arbitral award on case "La Petrolifera Italo-Rumena" vs Republic of Albania (2007) and arbitral award on case "DIA Ltd. vs OSHEE sh.a" (2015)
Abstract
An international arbitral award must be final, so that it may be subject of a request for a judicial recognition and enforcement in a particular state. The New York Convention instruments apply only to the final arbitral award, regardless of the different way it reflects the dispute in question. A final award is also considered to be one which does not directly resolve the dispute, but suffices to declare that the dispute would be settled by the parties themselves through a negotiating agreement. An arbitral award called a "partial award", which deals an interim measure, generally is not considered to be an arbitral award enforceable forcefully through the Convention's framework. However, in some jurisdictions, a partial award can be enforced in accordance with the local arbitration law, if the award disposes ultimately on a particular and independent issue. Parties in an arbitral process can reach a settlement agreement before the arbitrators make an award. This arbitral award may incorporate the agreement reached by the parties, accordingly being considered as a "settlement award" or it can only declare that the parties have a settlement agreement which have legal effects on them. In the case when the settlement agreement is converted into an arbitral award, the execution of the rights and obligations agreed by the parties materialized in the disposition of an arbitral award will be more effective through the New York Convention mechanism. This article, through literature review, regulatory frameworks interpretation, as well as the analysis of case studies, aims at identifying aspects related to the decision-making process of arbitrators. The manner in which the arbitral Tribunal disposes of important moments of arbitral procedure and for the final settlement of the dispute constitute very important procedural aspects of the international arbitral procedure.
