An award is the verdict of the arbitrators, arrived
at in accordance with the arbitration rules of their local arbitral body and
national law.
Under GCA
contracts arbitrations always take place in the United States.
However, under ECF
contracts they can be held in different countries, something that could make a
difference.
Even though there is one single European Contract
for Coffee (ECC), there will always be subtle differences in interpretation,
custom and national law governing arbitration in different localities, for
example between London and Trieste. It is therefore important that the place
where any arbitration will be held is agreed ahead of concluding a transaction,
and is so stipulated in the contract. This will also avoid having to be a party
to proceedings in an unfamiliar environment and, possibly, language. Most awards
are subject to appeal, within the time limits set by the arbitral body at the
place where the arbitration was held. The limits and procedures are different
for each arbitral body whose rules should therefore be consulted.