Pronunciation: [ˌɑːbɪtɹˈe͡ɪʃən ɐwˈɔːd] (IPA) 
The correct spelling of "arbitration award" is ɑːbɪˈtreɪʃən əˈwɔːd. The first syllable is pronounced with a long "a" sound, followed by a short "i" sound. The second syllable is stressed, with a long "a" sound and a soft "sh" sound. The final syllable is pronounced with a long "o" sound and a soft "d" sound. This term refers to the decision made by an arbitrator in a dispute resolution process between two parties.
An arbitration award refers to a legally binding decision or final judgment issued by an arbitrator or a panel of arbitrators at the conclusion of an arbitration process. Arbitration is an alternative dispute resolution method wherein parties involved in a conflict agree to have their dispute resolved by a neutral third party, known as an arbitrator. The arbitrator is typically chosen by the parties or appointed by a designated arbitration institution.
The arbitration award is the outcome of the arbitration proceedings and it serves as the resolution of the dispute. It represents the arbitrator's decision on the issues presented, including the facts, the legal principles involved, and any remedies or damages awarded to the prevailing party. The award can be monetary or non-monetary, and may also determine other aspects such as the allocation of costs and attorney's fees.
An arbitration award carries legal weight and is enforceable through the courts. It is a final and binding determination that resolves the dispute between the parties, providing closure to the arbitration process. Often, the award is made in writing and includes the rationale or reasoning behind the arbitrator's decision. Parties are usually obligated to comply with the terms of the award, unless there are grounds for challenging it, such as fraud or a violation of public policy.
Overall, an arbitration award is the end result of an arbitration process, serving as a legally binding resolution to the dispute between parties who have chosen arbitration as a means of dispute resolution.
The word "arbitration" originates from the Latin term "arbitratio" which means "judgment, decision, or opinion". It is derived from the verb "arbitrari" which means "to judge, decide, or give an opinion".
The term "award" comes from the Old English word "weard" which means "that which is guarded or protected". It later evolved to mean "decision, judgment, or bestowal", particularly referring to the giving or granting of a prize or honor.
When combined, the phrase "arbitration award" refers to the judgment or decision rendered by an arbitrator or arbitration panel in the context of a dispute resolution process.
