State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_1 > GS_1-567_61

§1‑567.61.  Form and contents of award.

(a)        The award shall bemade in writing and shall be signed by the arbitrator or arbitrators.  Inarbitral proceedings with more than one arbitrator, the signatures of themajority of all members of the arbitral tribunal shall suffice, provided thatthe reason for any omitted signature is stated.

(b)        The award shall notstate the reasons upon which it is based, unless the parties have agreed thatreasons are to be given.

(c)        The award shallstate its date and the place of arbitration as determined in accordance withG.S. 1‑567.50.  The award shall be considered to have been made at thatplace.

(d)        After the award ismade, a copy signed by the arbitrator or arbitrators in accordance withsubsection (a) of this section shall be delivered to each party.

(e)        The award may bedenominated in foreign currency, by agreement of the parties or in thediscretion of the arbitral tribunal if the parties are unable to agree.

(f)         Unless otherwiseagreed by the parties, the arbitral tribunal may award interest.

(g)        The arbitraltribunal may award specific performance in its discretion to a party requestingan award of specific performance.

(h)        (1)        Unlessotherwise agreed by the parties, the awarding of costs of an arbitration shallbe at the discretion of the arbitral tribunal.

(2)        In making an orderfor costs, the arbitral tribunal may include as costs:

a.         The fees andexpenses of the arbitrator or arbitrators, expert witnesses, and translators;

b.         Fees and expenses ofcounsel and of the institution supervising the arbitration, if any; and

c.         Any other expensesincurred in connection with the arbitral proceedings.

(3)        In making an orderfor costs, the arbitral tribunal may specify:

a.         The party entitledto costs;

b.         The party who shallpay the costs;

c.         The amount of costsor method of determining that amount; and

d.         The manner in whichthe costs shall be paid. (1991, c. 292.)