The definition of an award is the concept that is used in the field of law to refer to the resolution issued by an arbitrator that allows to settle a conflict between two or more parties.
The arbitrator's ruling can be compared to a judge's sentence, although the jurisprudence of this is established by law and the jurisdiction of the arbitrator is in the autonomy of the will. This means that the decision of this figure must be accepted by the different parties to resolve the conflict. It is a mandatory award.
What is an arbitration award?
The arbitration award is the resolution that establishes an intermediate figure between two parties in conflict. This arbitrator, independent of the judiciary, has a presence in almost all civilizations with scopes that go beyond the commercial and economic functioning itself.
It is an extrajudicial procedure for the resolution of conflicts between various parties, provided that one of those involved acts as a professional, a businessman or the public authorities themselves in some cases. There are no arbitration processes between individuals. An example of an arbitration award can be found in the case of the company Eulen at the El Prat airport. The workers' conflict with the , with strikes due to working conditions, ended with the decision of the corresponding arbitrator to oblige the company to pay employees a supplement of 200 euros.
How valid is an arbitration award?
The most normal thing is that the parties involved in this negotiation sign an agreement before going to the arbitrator's mediation, through which they agree to abide by the award that is offered as a resolution of the conflict.
The arbitration award is not necessarily based on law. Those involved in the case can agree in advance that the arbitration focuses on criteria of fairness, beyond the purely legal. The execution of an arbitration award, in any case, requires a judge to order such mediation.