Passing an award:
When the dispute examination is complete, the examination is immediately closed and the Arbitrator(s) determine(s) the proceeding date to pronounce the Arbitration 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 Sole Arbitrator/ Arbitral Tribunal is to be free from intervention of any party, including BAPMI's Management or any authorities in Indonesian Capital Market;
- the Sole Arbitrator/ Arbitral Tribunal may pass an award on the basis of legal provisions or on fairness and justice (ex aequo et bono);
- BAPMI's Arbitration Award at an Arbitral Tribunal must be passed on the basis of deliberation; failing which, the award is taken on the basis of a majority vote (voting) with the right to include dissenting opinions.
Nature of Arbitration Award:
Arbitration Award is final and has permanent legal force and binding on the parties. Thus, an Arbitration Award Awards cannot be petitioned for appeal, cassation or reconsideration.