THE AWARD

Article 32 Award

(1) The Award shall be deemed to have been rendered at the Place of Arbitration. It shall state the date on which it was rendered, contain an order or a declaration, as well as the reasons for it, and shall be signed by the arbitrators. In absence of the signature of an arbitrator, an Award may be rendered provided that the Award has been signed by a majority of the arbitrators with a verification to the effect that the arbitrator whose signature is missing participated in deciding the dispute.

(2) If any arbitrator fails without valid cause to participate in the deliberations of the Arbitral Tribunal on an issue, such failure will not preclude a decision being made by the other arbitrators.

(3) The parties may agree that the Chairman alone shall sign the Award.

(4) An arbitrator may attach a dissenting opinion to the Award.