The Arbitration Decision in the Light of the Legal Provisions: Theoretical and Practical Aspects

The arbitration decision is enforceable and forcefully executed as a judgment. The arbitration decision is binding on the parties under the arbitration convention and the law, and it is treated as a final judgment having the force of res judicata. The content of the arbitration ruling is similar to the judicial decision. The fundamental principles of arbitration are the principle of equal treatment of litigants, the principle of the right to defense, the principle of the contradictory, the principle of flexibility of arbitration proceedings, the principle of confidentiality, the principle of availability, the principle of the right to a fair trial and the principle of the active role of the arbitrators. The arbitral ruling must be issued within the period set by the parties or by the law. In the absence of clauses accorded by the parties, a settlement period of five months is given, the period running from the date of constitution of the arbitral court. Also, under the term provided by law, the pronunciation of the arbitration ruling may be suspended or extended. The arbitration ruling/decision must be put in written form and must be signed by all arbitrators, unless it is drawn up a separate opinion.