An award made by the arbitral tribunal pursuant to an arbitration agreement is final and binding on the parties and on any person claiming through or under them and may be relied upon by any of the parties by way of defence, set‑off or otherwise in any proceedings in any court of competent jurisdiction.
award
“award” means a decision of the arbitral tribunal on the substance of the dispute and includes any interim, interlocutory or partial award but excludes any order or direction made under section 28;
Except as provided in section 43, upon an award being made, including an award made in accordance with section 33, the arbitral tribunal must not vary, amend, correct, review, add to or revoke the award.
arbitral tribunal
“arbitral tribunal” means a sole arbitrator or a panel of arbitrators or an arbitral institution, and includes an emergency arbitrator appointed pursuant to the rules of arbitration agreed to or adopted by the parties including the rules of arbitration of an institution or organisation;
For the purposes of subsection (2), an award is made when it has been signed and delivered in accordance with section 38.
This section does not affect the right of a person to challenge the award by any available arbitral process of appeal or review or in accordance with the provisions of this Act.