Powers of Arbitrators in the Implementation of Arbitral Awards

Abstract

Specialists in law and jurisprudence as well as businessmen have realized the serious consequences of arbitration. Indeed, the legal nature of arbitral awards has become as one of the argumentative issues among jurists and legislators. Arbitration nowadays is an essential means for settling disputes that may arise among people. Laws have been legislated to organize relationships within a society. Similarly, judicial judgments are utilized to resolve conflicts that could occur among the members of a community. It is therefore quite necessary to clearly identify the authenticity of arbitral awards since it is of high importance for disputing parties. The limits of an arbitration panel authority is another issue to be taken into consideration. The current study concludes that arbitral awards are binding legally and legitimately to disputing parties. However, it acquires the compulsory attribute only after the court’s ratification, and then it becomes an official document that can be used before judiciary.