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International Arbitration in Korea by Kim, Joongi (2nd March 2017)

8 The Arbitral Award

From: International Arbitration in Korea

Joongi Kim

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 27 May 2020

Subject(s):
Arbitral agreements — Recognition and enforcement — Arbitral tribunals — Arbitrators — Awards — Remedies and costs — Failure to state reasons

This chapter deals with the issues and developments in the area of arbitral awards. Chapter 5 of the Arbitration Act covers arbitral awards and closely follows most of the corresponding provisions of Chapter VI of the Model Law. One notable change under the new Article 32.4 is that arbitral awards no longer need to be deposited at a competent court but may be so done at the request of a party. In addition, as discussed in the previous chapter, a tribunal may award both costs and delay interest in its arbitral awards. Moreover, the cases discussed in this chapter deal more specifically with the content, form, and effect of arbitral awards; the types of awards; the tribunal’s ordering of remedies, damages, and profits; and the costs and interests to be specified in the awards.

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