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