ARBITRATION LAW — Arbitral Awards — Arbitral Tribunal Bound by Terms of Contract Excluding Punitive Damages
Principle Statement
The arbitral award shall exclude punitive damages and attorney's fees (except as expressly provided otherwise elsewhere in this contract) and shall contain written reasons upon which the award is based.
Ratio Decidendi (Source)
Per Ogbuagu, JSC, in Baker Marine Nig. Ltd v. Chevron Nig. Ltd (2006) NLC-123-374-2001(SC) at p. 8; Para E.
"The arbitral award shall exclude punitive damages and attorney's fees (except as expressly provided otherwise elsewhere in this Contract) and shall contain written reasons upon which the award is based."
Explanation / Scope
Arbitral tribunals are bound by contractual terms excluding punitive damages and attorney’s fees. Awards must contain written reasons. The principle applies to arbitration law.