Passing an award:
When the dispute examination is complete, the examination is immediately closed and the panel determines the proceeding date to pronounce the Adjudication Award. The award will be pronounced in a proceeding that is closed to the public within a period of 30 days after the examination is closed, with or without the presence of the disputing parties.
In passing an award:
- the panel is to be free from intervention of any party, including BAPMI's Management or any authorities in Indonesian Capital Market;
- the panel must pass an award on the basis of fairness and justice (ex aequo et bono);
- an award must be passed on the basis of deliberation, failing which, the award is taken on the basis of a majority vote (voting).
Nature of Adjudication Award:
Nature of an Adjudication Award is final and binding after the Petitioner states his/her acceptance to the award, and thus, non-appealable. When the Petitioner does not accept the award, the Adjudication Award is deemed never existed.
Approval of Petitioner:
The panel will provide the Petitioner with a period of 7 days to state whether or not to accept the Adjudication award.