Section 31 Arbitration Act 1996 prescribes FORM AND CONTENT of AWARD:
Answer & Solution
Correct answer: A.
1. Section 31 Arbitration and Conciliation Act 1996 prescribes FORM AND CONTENT of arbitral AWARD:
2. (1) The award shall be MADE IN WRITING and SIGNED by the members of the arbitral tribunal.
3. (2) For the purposes of sub-section (1), in arbitral proceedings with more than one arbitrator, the SIGNATURES of the MAJORITY of all the members of the arbitral tribunal SHALL BE SUFFICIENT so long as the reason for any omitted signature is stated.
4. (3) The arbitral award shall STATE THE REASONS upon which it is based, unless: (a) parties have agreed that no reasons are to be given; OR (b) the award is an arbitral award on AGREED TERMS under Section 30.
5. (4) The arbitral award shall STATE its DATE and the PLACE of arbitration.
6. (5) After the award is made, a SIGNED COPY shall be delivered to each party.
7. (6) Award is FINAL and BINDING on parties — Section 31(7) interest provisions.
8. Hence option B is correct.
_Source: Arbitration and Conciliation Act 1996 (Bare Act) + Mediation Act 2023 — Arbitration and Conciliation Act 1996, Section 31_
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