An arbitral award can have significant legal effect and, as a consequence, there are a number of formalities that must be observed in the tribunal's finalization of an award. Article 32, the subject of this Chapter, is intended to address these technical requirements regarding the form, content and handling of the award. These formalities include the requirements that the award must be made in writin; must be signed by the arbitrators or explain the failure of one of three arbitrators to sign; must include reasons for the award, unless otherwise agreed; must be dated and indicate the place where the award was made; must be transmitted to the parties; and must be filed or registered in the local jurisdiction by the tribunal, if required. Article 32 also establishes the types of awards that the arbitral tribunal may issue, allows the award to be made public, if the parties so desire, and states the rule that the award is final and binding.
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