Finality of the award and its enforcement

The new law provides that the award shall be final and binding on the parties and the persons claiming under them. An award between the parties is entitled to that respect which is due to the judgement of a court of law. The rights and liabilities of the parties in respect of the said claims can be determined only on the basis of the said award.

The decision of the arbitrator is not only final on the facts but also on law. The court has no jurisdiction to substitute its own evaluation of the conclusion of law or facts to come to the conclusion that the arbitral tribunal has acted contrary to the terms of agreement.

As per section 36 of the Act of 1996, the award can be enforced in the same manner, as if it were a decree of the court, after the expiry of the time for making an application to set aside the award under section 34 or after the application for setting aside the award is dismissed or rejected.

The arbitral tribunal has the power to grant an interim award, during arbitral proceedings, on any matter with respect to which the arbitral tribunal may make a final award.