Does the Arbitral Tribunal have the power to correct or Interpret an Award on its own or at the parties’ initiative? What time limits apply?
The Arbitral Tribunal may rectify an award if the award, due to spelling, arithmetic, typographical or similar obvious errors, has been formulated in a way that does not accurately reflect the intention of the arbitral tribunal. The arbitral tribunal may also make an additional award for claims that were presented in the arbitral proceedings and should have been decided on, but which were omitted from the award.
Rectification may be made at the request of a party or at the arbitral tribunal’s own initiative. An additional award may only be rendered at the request of a party. The request must be made within one month of the delivery of the award.
