- 18 -
Other than their respective requests for interest, neither
party asked the tribunal to award it any compensation for the
delayed payment of its claimed damages. Neither party asked the
tribunal to make a separate award based upon “inflation”.
6. Final Award
The arbitration agreement provided for a “final award” (the
award). The tribunal issued a document constituting the award on
March 24, 1982. The award consists of eight sections and is 139
pages in length. The eighth section is entitled “OPERATIVE
SECTION (DISPOSITIF)” (operative section), and provides as
follow:
For these reasons,
THE TRIBUNAL, unanimously, having regard to all of the
above mentioned considerations,
AWARDS to Aminoil,
THE SUM OF ONE HUNDRED AND SEVENTY NINE MILLION, SEVEN
HUNDRED AND FIFTY THOUSAND, SEVEN HUNDRED AND SIXTY
FOUR UNITED STATES DOLLARS ($179,750,764) calculated on
the basis of being payable on 1 July, 1982.
Kuwait honored the amount of the award and paid $179,750,764
to Aminoil on July 1, 1982 (the $179 million payment).
The body of the award preceding the operative section sets
forth the reasoning of the tribunal. The first section reviews
the procedural setting of the arbitration and summarizes the
claims of the parties. The second section sets forth the facts
of the case. The third section determines the applicable law,
Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 NextLast modified: May 25, 2011