(a) The award shall be made in writing and shall be signed by the arbitrator or arbitrators. In arbitral proceedings with more than one arbitrator, the signatures of the majority of all members of the arbitral tribunal shall suffice, provided that the reason for any omitted signature is stated.
(b) The award shall not state the reasons upon which it is based, unless the parties have agreed that reasons are to be given.
(c) The award shall state its date and the place of arbitration as determined in accordance with G.S. 1-567.50. The award shall be considered to have been made at that place.
(d) After the award is made, a copy signed by the arbitrator or arbitrators in accordance with subsection (a) of this section shall be delivered to each party.
(e) The award may be denominated in foreign currency, by agreement of the parties or in the discretion of the arbitral tribunal if the parties are unable to agree.
(f) Unless otherwise agreed by the parties, the arbitral tribunal may award interest.
(g) The arbitral tribunal may award specific performance in its discretion to a party requesting an award of specific performance.
(h) (1) Unless otherwise agreed by the parties, the awarding of costs of an arbitration shall be at the discretion of the arbitral tribunal.
(2) In making an order for costs, the arbitral tribunal may include as costs:
a. The fees and expenses of the arbitrator or arbitrators, expert witnesses, and translators;
b. Fees and expenses of counsel and of the institution supervising the arbitration, if any; and
c. Any other expenses incurred in connection with the arbitral proceedings.
(3) In making an order for costs, the arbitral tribunal may specify:
a. The party entitled to costs;
b. The party who shall pay the costs;
c. The amount of costs or method of determining that amount; and
d. The manner in which the costs shall be paid. (1991, c. 292.)
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Last modified: March 23, 2014