These two concepts, in the financial world, are very important for the resolution of different conflicts between two parts of extra jusicial form. In particular, we can say that the arbitral award is the mechanism to mediate the conflict and that it is regulated by arbitration.
It is important to know in depth its two definitions and its current legislation. Our experts can help you resolve any questions and you can ask us for a quote without obligation.
What is arbitration and arbitral award?
Definition of arbitration
Arbitration is an out-of-court procedure to resolve disputes between businessmen, independent professionals, suppliers or customers. Although in some cases it may also be arbitration between public authorities. The most important thing is to know that you can never give arbitration between two individuals. Emphasizing that the arbitration is a voluntary procedure and that the company may be or not attached to an arbitral board.
It is a free procedure unless it is necessary to make expert reports or any other evidence that requires certain expenses. The beginning of the procedure will require the appointment of an arbitral college where representatives of the consumers of different associations, business representatives and also of the public administration are located. Likewise, to initiate the arbitral procedure we will only have to address the authorities that manage them within our community.
However, there are arbitrations that must be resolved in a judicial manner by being within the following exceptional situations:
- There are conflicts due to intoxication, injury or death.
- With evidence of crimes or that there is a firm court ruling on the same matter.
- In the case of matters where the parties have no power of disposition.
- Where the claimant lacks the capacity to act or has no legal representation.
Definition of Arbitration award
The arbitration award can be easily defined as the set of solutions agreed upon to resolve a conflict. When the proceedings are completed before an arbitral procedure where each of the parties has provided evidence to justify the claims or different actions, the arbitral college dictates the arbitral award. It should resolve the conflict and must have the same scope as a court ruling.
If there is any discrepancy, you can always turn against the arbitral award itself. Although it would be before the Provincial or Supreme Court. Logically, this will require input from new evidence, mention errors, both formal and material that have occurred during the arbitration.
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