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Supreme Court of India
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Arbitration Law
Bare Acts
The Arbitration and Conciliation Act, 1996
Section 1-50
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Section 7
Section 8
Section 9
Section 10
Section 11
Section 12
Section 13
Section 14
Section 15
Section 16
Section 17
Section 18
Section 19
Section 20
Section 21
Section 22
Section 23
Section 24
Section 25
Section 26
Section 27
Section 28
Section 29
Section 30
Section 31
Section 32
Section 33
Section 34
Section 35
Section 36
Section 37
Section 38
Section 39
Section 40
Section 41
Section 42
Section 43
Section 44
Section 45
Section 46
Section 47
Section 48
Section 49
Section 50
Section 31- Form and contents of arbitral award

An arbitral award shall be made in writing and shall be signed by the members of the arbitral tribunal.
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.
The arbitral award shall state the reasons upon which it is based unless -

(a) the parties have agreed that no reasons are to be given or
(b) the award is an arbitral award on agreed terms under section 30.
The arbitral award shall state its date and the place of arbitration as determined in accordance with section 20 and the award shall be deemed to have been made at that place.
After the arbitral award is made a signed copy shall be delivered to each party.
The arbitral tribunal may at any time during the arbitral proceedings make an interim arbitral award on any mater with respect to which it may make a final arbitral award.
(a) Unless otherwise agreed by the parties where and in so far as an arbitral award is for the payment of money the arbitral tribunal may include in the sum for which the award is made interest at such rate as it deems reasonable on the whole or any part of the money for the whole or any part of the period between the date on which the cause of action arose and the date on which the award is made.

(b) A sum directed to be paid by an arbitral award shall unless the award otherwise directs carry interest at the rate of eighteen per centum per annum from the date of the award to the date of payment.
Unless otherwise agreed by the parties -

(a) the costs of an arbitration shall be fixed by the arbitral tribunal;
(b) the arbitral tribunal shall specify -

(i) the party entitled to costs
(ii) the party who shall pay the costs
(iii) the amount of costs or method of determining that amount and
(iv) the manner in which the costs shall be paid.

Explanation-

For the purpose of clause (a) costs means reasonable costs relating to -
(i) the fees and expenses of the arbitrators and witnesses
(ii) legal fees and expenses
(iii) any administration fees of the institution supervising the arbitration and
(iv) any other expenses incurred in connection with the arbitral proceedings and the arbitral award.
     
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