17.05.2012

Termination of arbitral proceedings at the ICAC Russia

Arbitral proceeding is terminated with delivery of a final award or an order to terminate such proceeding.

According to § 39 of the Rules of the ICAC the final arbitral award must contain:

ICAC name;

case number;

place of arbitration;

date of the award;

full names of the arbitrators;

names of the parties to the dispute and other participants in the arbitral proceedings;

subject matter of the dispute and summary of the circumstances of the case;

reasons on which the award is based;

conclusion to satisfy or dismiss the claims;

amounts of arbitration fees and costs and apportionment thereof between the parties;

signatures of the arbitrators.

According to § 40 of the Rules of the ICAC tribunal is entitled to make arbitral award concerning separate issues or their part.

If there is no final award upon the case, arbitral proceeding is terminated with an order to terminate such proceeding.

An order to terminate the arbitral proceeding is issued:

when the claimant withdraws his claim, unless the respondent objects to the termination of the proceeding within 15 days from the date of receiving the notification of the claimant's withdrawal and the tribunal recognizes respondent's lawful interest in the final award;

when the parties agree on the termination of the proceeding;

when the tribunal decides that the continuation of the proceeding has for some reasons become unnecessary or impossible, in particular, in the absence of conditions required for examination and settlement on the merits of a case, as well as due to the claimant's inaction, the case remains suspended for more than 6 months.