Awards

The Conclusion of the Award made by the Arbitrator

In the event of the examination deemed sufficient, the Arbitrators close the examination and determine the date to read the Arbitral award. The Arbitral award pronounced at the latest within a period of 30 workdays as of the examination closed, within the presence of the absence of the parties.

In the terms of making conclusion:

1. Arbitrators are free from any intervention;
2. Arbitrator makes judgment in accordance with the provisions of laws as well as on the basis of fairness and justice (ex aequo et bono);
3. the decision of Arbitral Tribunal made through deliberation to reach consensus, or by majority voting.

The Nature of the Arbitral Award

The Arbitral Award is final and binding to the parties, therefore the award rendered cannot appealed by any parties. In the event that any parties refuse the Arbitral Award, then:

1. the award will executed by the order of the Head of District Court upon the interested party's request;
2. the interested party may submit a notification in writing to his/her/its association;
3. his/her/its association may send a photocopy of the said notification to the Capital Market Supervisory Agency and the opposite party's association.

The Registration of the Arbitral Award to the District Court

The authentic Arbitral Award must registered by BAPMI to the registrar of relevant District Court within 30 days as of its rendered. The registration is an important step to the existence and execution of the award. Without registration, the award has no effect and cannot execute.

The Court does not examine the grounds and considerations of the Arbitral Award in the process of registration and execution of the award. This is a kind of protection and guarantee granted by the law to ensure that Arbitral Award is really impartial, final and binding.