ARBITRATION AWARD: THE CONCEPT AND BASIC REQUIREMENTS

The article deals with the approaches to the definition of «arbitration award». Particular attention was paid to the problem of conceptual understanding of «arbitration» in Ukraine and difference of this understanding opposite to its worldwide understanding. The main problematic points that introduce contradictions between the Ukrainian and international approach to the definition of «arbitration award» were outlined. A formal and substantive distinction between the concepts of «award of arbitration courts», «decision of international commercial arbitration» and «arbitration award» was made. The author proposes considering arbitration award as a legally binding act of the arbitrator or arbitrators, which resolves a legal dispute between the parties, the competence of which arises from the prior agreement of the parties, and which is the final act of arbitration, under which the obligated party voluntarily performs its obligations determined by the arbitral award, or one of the parties applies to the court for recognition and / or granting permission to enforce the arbitral award. The main features and requirements for arbitration awards are identified. Based on the practice of foreign states, it is concluded that not all requirements for arbitration awards that are considered mandatory in the doctrine and legislation of Ukraine are the same in other states. In particular, the author states that in some cases such requirements as written form or justification of the arbitral award may not be mandatory. However, it is noted that failure to comply with the written form could make impossible to recognize and enforce the arbitration award in other jurisdictions. Author mentioned that all states could be divided into those whose legislation is more flexible in determining the requirements for arbitration award and the level of discretion of the parties in this area, or those whose legislation contained mandatory requirements for arbitration, which was Ukraine's case.