Common use of Draft of Proposed Award Clause in Contracts

Draft of Proposed Award. Prior to rendering their final award, the arbitrators shall submit to the Parties an unsigned, written draft of the proposed award, and each Party, within 15 days after receipt of such draft, may serve on the other Party and file with the arbitrators a written statement outlining any alleged errors of fact, computation, law, or otherwise in said draft. The arbitrators, in their discretion, may disregard and treat as a nullity any Party statement if and to the extent that the same is in substance an application for re-argument. Within 20 days after receipt of such Party statements, the arbitrators shall render their final award, which award shall be supported by a written decision.

Draft of Proposed Award. Prior to rendering their final award, the arbitrators shall submit to the Parties parties an unsigned, written draft of the proposed award, and each Partyparty, within 15 days after receipt of such draft, may serve on the other Party party and file with the arbitrators a written statement outlining any alleged errors of fact, computation, law, or otherwise in said draft. The arbitrators, in their discretion, may disregard and treat as a nullity any Party party statement if and to the extent that the same is in substance an application for re-argument. Within 20 days after receipt of such Party party statements, the arbitrators shall render their final award, which award shall be supported by a written decision.