Chapter IX
The Award
Article 52
The Award
(1) The award shall be made in writing and shall contain:
(a) a precise designation of each party;
(b) a statement that the Tribunal was established under these Rules,
and a description of the method of its constitution;
(c) the name of each member of the Tribunal, and an identification
of the appointing authority of each;
(d) the names of the agents, counsel and advocates of the parties;
(e) the dates and place of the sittings of the Tribunal;
(f) a summary of the proceeding;
(g) a statement of the facts as found by the Tribunal;
(h) the submissions of the parties;
(i) the decision of the Tribunal on every question submitted to it,
together with the reasons upon which the decision is based; and
(j) any decision of the Tribunal regarding the cost of the proceeding.
(2) The award shall be signed by the members of the Tribunal who voted
for it; the date of each signature shall be indicated. Any member of the
Tribunal may attach his individual opinion to the award, whether he dissents
from the majority or not, or a statement of his dissent.
(3) If the arbitration law of the country where the award is made requires
that it be filed or registered by the Tribunal, the Tribunal shall comply
with this requirement within the period of time required by law.
(4) The award shall be final and binding on the parties. The parties
waive any time limits for the rendering of the award which may be provided
for by the law of the country where the award is made.
Article 53
Authentication of the Award;
Certified Copies; Date
(1) Upon signature by the last arbitrator to sign, the Secretary-General shall promptly:
(a) authenticate the original text of the award and deposit it in the archives of the Secretariat, together with any individual opinions and statements of dissent; and
(b) dispatch a certified copy of the award (including individual opinions and statements of dissent) to each party, indicating the date of dispatch on the original text and on all copies;
Article 54
Applicable Law
(1) The Tribunal shall apply the rules of law designated by the parties
as applicable to the substance of the dispute. Failing such designation
by the parties, the Tribunal shall apply (a) the law determined by the
conflict of laws rules which it considers applicable and (b) such rules
of international law as the Tribunal considers applicable.
(2) The Tribunal may decide ex aequo et bono if the parties have
expressly authorized it to do so and if the law applicable to the arbitration
so permits.
Article 55
Interpretation of the Award
(1) Within 45 days after the date of the award either party, with notice
to the other party, may request that the Secretary-General obtain from
the Tribunal an interpretation of the award.
(2) The Tribunal shall determine the procedure to be followed.
(3) The interpretation shall form part of the award, and the provisions
of Articles 52 and 53 of these Rules shall apply.
Article 56
Correction of the Award
(1) Within 45 days after the date of the award either party, with notice
to the other party, may request the Secretary-General to obtain from the
Tribunal a correction in the award of any clerical, arithmetical or similar
errors. The Tribunal may within the same period make such corrections
on its own initiative.
(2) The provisions of Articles 52 and 53 of these Rules shall apply to
such corrections.
Article 57
Supplementary Decisions
(1) Within 45 days after the date of the award either party, with notice
to the other party may request the Tribunal, through the Secretary-General,
to decide any question which it had omitted to decide in the award.
(2) The Tribunal shall determine the procedure to be followed.
(3) The decision of the Tribunal shall become part of the award and the
provisions of Articles 52 and 53 of these Rules shall apply thereto.
