What is an arbitration award?

An arbitration award is a legally binding decision made by an arbitrator or a panel of arbitrators. An arbitration award is made to settle a dispute between two parties, and is often the final decision in the dispute. In Delaware, an arbitration award must be based on considerations of the applicable Delaware law, the applicable governing contract or statute, and the relevant facts as they appear in the record of the arbitration proceedings. Additionally, all parties involved in the arbitration proceedings must be given the opportunity to present evidence and make arguments to the arbitrator or panel of arbitrators prior to the decision. Once the arbitration award is issued, it is binding on the parties and can only be changed or vacated by a court in extremely limited circumstances. In Delaware, both parties may also agree to waive enforcement of the arbitration award and instead request the court to enter an order or judgment in accordance with the award.

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What is an arbitration award?

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