Arbitral Awards - Chapter 6 - Arbitration Law of Korea: Practice and Procedure

Author(s):

Bae, Kim and Lee LLC

Page Count:

28 pages

Media Description:

PDF from "Arbitration Law of Korea: Practice and Procedure"

Published:

January, 2012

Jurisdictions:

Korea

Author Detail:

About the firm:

Bae, Kim & Lee's International Arbitration and Litigation Group has earned worldwide respect for its forceful and uncompromising representation of clients. In a field where experience counts, BKL boasts Korea's first dedicated international arbitration practice group. Having been at the forefront of the field in Korea for the past 10 years, the team is now composed of 16 attorneys from several jurisdictions plus paralegals and staff, and includes a former Counsel of the ICC Secretariat and several members listed in leading publications including Who's Who Legal, Chambers, and Asia-Pacific Legal 500. This year, reflecting the team's progress and current international standing, BKL received the Arbitration Win of the Year award from Global Arbitration Review (GAR) and had the honor of being the first and only Korean firm ever listed in the "GAR 30," awarded to the 30 top arbitration practices worldwide.

General Editors:

Kap-You (Kevin) Kim is Head of the International Arbitration and Litigation Practice Group and Partner of Bae, Kim & Lee LLC. Mr. Kim has the distinct honor of being a Court Member of the ICC Court of Arbitration and the London Court of International Arbitration, listed ICSID arbitrator, Senior Advisor to the Korean Commercial Arbitration Board, Vice Chair of the IBA Arbitration Committee and a Board Member of the American Arbitration Association.

John P. Bang is Partner (foreign legal adviser) and co-founder of Bae, Kim & Lee's International Arbitration and Litigation Practice Group. Mr. Bang has acted as counsel in over 75 commercial arbitral proceedings in Asia, Europe and the US under the rules of all major international arbitral institutions including, among others, the ICC, ICSID, LCIA, SIAC, JCAA, and KCAB (Korean Commercial Arbitration Board) and numerous litigation proceedings in various foreign jurisdictions. He was named in the Global Arbitration Review’s "45 under 45" for 2011, which lists the leading figures of the international arbitration bar under the age of 45

Contributing Authors:

Seungwoo (Sean) Cho

Matthew J. Christensen

Kyongwha Chung

Seung Il Hong

Woochul Hwang

Eun Ah Jeung

Byoung Pil Kim

Hong-Joong Kim

Junu Kim

Sue Hyun Lim

David W. MacArthur

James Morrison

JongKwon Ryoo

Yunsoo Shin

Sung Woo Yang

Seokchun Yun

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Description:

Originally from Arbitration Law of Korea: Practice and Procedure

ARBITRAL AWARDS

6.1 INTRODUCTION

The ultimate duty of an arbitral tribunal is to resolve the parties' dispute in one or more written arbitral awards. While there is no widely accepted definition of an arbitral award,1 a working description may be that it is a decision rendered by the tribunal after the completion of or in the course of arbitration proceedings, with regard to procedural or substantive matters in dispute, or the tribunal's jurisdiction, which is binding upon the parties to the arbitration.

When parties commit to arbitration through an arbitration agreement, they accept to be bound by the arbitral award issued by the tribunal. Under the Arbitration Act, which governs arbitrations seated in Korea, arbitral awards are binding on the parties just as a final and conclusive judgment of a court.2

In cases where a party refuses to comply, as sometimes happens, the enforcement powers of the courts may be invoked to coerce compliance with an arbitration award. Specifically, the other party may seek from any court of competent jurisdiction a judgment of recognition and enforcement of an arbitral award.3

Although an arbitral award is not subject to appeal in the manner of a domestic court judgment, a party may request a court to set aside an arbitral award (that is, declare it to be of no legal effect) on limited grounds4 as discussed in Chapter 9.

Once a tribunal issues an award, the award is fixed and may not be amended by the tribunal, the institution, or any court. However, the tribunal (and, under the Arbitration Rules, the KCAB Secretariat) may make simple corrections of clerical or computation errors that do not affect the substance of the award.5

Table of Contents:

Chapter 6 Arbitral Awards

6.1 Introduction

6.2 Decision-making Process of the Tribunal

6.2.1. Exercise of Discretion
6.2.2. Amiable Compositeur and Ex Aequo Et Bono

6.3 Remedial Powers of a Tribunal

6.3.1 Remedies in General
6.3.2 Remedies under the KCAB Rules

6.4 Types of Arbitral Awards

6.4.1 Final Awards
6.4.2 Partial, Interim and Interlocutory Awards
6.4.3 Default Awards
6.4.4 Consent Awards
6.4.5 Costs Awards

6.4.5.1 Costs Awards Generally
6.4.5.2 Costs Awards under the KCAB Rules
6.4.5.3 Categories of Arbitration Costs under the Arbitration Act
6.4.5.4 Categories of Arbitration Costs under the KCAB Rules
6.4.5.5 Legal Fees and Expenses
6.4.5.6 Filing Fees
6.4.5.7 Administrative Fees
6.4.5.8 Fees and Expenses of Arbitrators
6.4.5.9 Other Expenses

6.4.6 KCAB Procedures Regarding Advance on Costs and Refunds
6.4.7 Challenges to Costs Awards

6.5 Formal Requirements of Arbitral Awards

6.5.1 Arbitration Act
6.5.2 KCAB Rules

6.6 Time Limits, Notification, Registration and Deposit of Awards

6.6.1 Arbitration Act
6.6.2 KCAB Rules

6.6.2.1 Time Limit for Rendering Award
6.6.2.2 Delivery and Assistance with Required Formalities

6.7 Effects of Arbitral Awards
6.8 Correction and Interpretation of Arbitral Awards