Arbitration Arbitration Awards and Enforcement 2

Question 1

What does 'confirmation of an arbitral award' mean under US law?

Accepted Answer

A court converts the arbitral award into a court judgment enforceable by court mechanisms

Answer

Confirmation under FAA Section 9 allows a party to have an arbitral award entered as a judgment of the court, making it enforceable through court enforcement mechanisms.

Question 2

What is the doctrine of 'manifest disregard of the law' as it applies to arbitral awards in the US?

Accepted Answer

A judicially-created ground for vacating an award where the arbitrator knowingly ignores clear, applicable law

Answer

Manifest disregard is a judicially-created standard allowing vacatur when arbitrators knew of and deliberately ignored clear, governing law, though its current status varies by circuit.

Question 3

In a multi-party arbitration, how are arbitral awards typically structured when different parties have different claims?

Accepted Answer

The award specifies liability and damages for each claim and each party separately

Answer

In multi-party arbitrations, the award typically addresses each party's claims and counterclaims separately, specifying who owes what to whom.

Question 4

What is an 'interim award' in arbitration?

Accepted Answer

An award resolving specific preliminary issues such as jurisdiction or liability before a final award

Answer

An interim award resolves a discrete issue, such as jurisdictional challenges or liability alone, prior to the final award addressing all remaining issues including damages.

Question 5

Under ICSID (International Centre for Settlement of Investment Disputes) rules, how is an award enforced?

Accepted Answer

ICSID awards are directly enforceable as if they were final judgments of the domestic courts of each member state

Answer

Under the ICSID Convention, member states are required to recognize and enforce ICSID awards as if they were final domestic court judgments, bypassing the need for a separate enforcement proceeding.

Arbitration - Arbitration and Dispute Resolution Certification Practice Test

Arbitration - Arbitration and Dispute Resolution Certification Practice Test

Arbitration Arbitration Awards and Enforcement 2