The award is a final decision that an arbitrator has made in order to resolve the differences that exist between two or more parties, said award is equivalent to the judgment of a judge, expressed in another way, the award is to the arbitrator as the judgment is to the judge, taking into account that the difference that exists is that the judge has jurisdiction thanks to the established legal norm, but the jurisdiction of the arbitrator is established by the will of the parties involved in the dispute.
Within the right a term called using arbitration (the same way as in football referee is the person responsible for monitoring that players comply with the rules fully and if necessary seek to resolve any issues that arise during the game) in the Legal field the arbitrator exists and is accepted by the parties and can be through a contract, or in the event that there is a complex situation and a conflict occurs between the parties. In most cases, arbitration occurs in the financial, business, professional or commercial area of the company.
The parties involved in the litigation must always agree on who is the chosen arbitrator, and in turn must accept and abide by what has been established in the award, that is, there must be a commitment from both parties to be bound and agree to the resolution of the conflict, which is the award.
In turn, it is very important to bear in mind that arbitration in each case must be ordered by a judge, so that mediation can exist, however this does not mean that what is ruled in the award must be based on rules of law. law, which shows that the decision established there can be based more in terms of justice (equality and impartiality) than legal (laws and regulations). The award must also indicate the motives and reasons that lead the arbitrator to determine said resolution, in order to demonstrate impartiality towards the parties belonging to the discrepancy. In addition, it should be known that the award can only contain issues related to it.with the subject being dealt with, otherwise it must be canceled.
