Briefly state the essential features of an Arbitral Award under the Arbitration and Conciliation Act, 1996.

As per Section 2(1)(c) of the Arbitration and Conciliation Act, 1996 (the Act), "arbitral award" includes an interim award. This definition does not give much detail of the ingredients of an arbitral award. However, taking into account various other provisions of the Act, an award can have following essential features: 1. Written and stamped: An award is required to be made in writing. The arbitral award is required to be made on stamp paper of prescribed value (as applicable at the place of making the award) and in writing. An oral decision is not an award under the law. 2. Signed: The award is to be signed by the members of the arbitral tribunal. However, the signature of majority of the members of the tribunal is sufficient if the reason for any omitted signature is stated. 3. Reasoned: The making of an award is a rational process which is accentuated by recording the reasons. The award should contain reasons. However, there are two exceptions where an award without reasons is valid i.e. Where the arbitration agreement expressly provides that no reasons are to be given, or Where the award has been made under Section 30 of the Act i.e. where the parties settled the dispute and the arbitral tribunal has recorded the settlement in the form of an arbitral award on agreed terms. 4. Dated: The award should be dated i.e. the date of making of the award should be mentioned in the award. 5. Mention of Place: Place of arbitration is important for the determination of rules applicable to substance of dispute, and recourse against the award. The arbitral tribunal is under obligation to state the place of arbitration as determined in accordance with Section 20 of the Act. Place of arbitration refers to the jurisdiction of the Court of a particular city or State. 6. Clarity of Value and Interest: The arbitral tribunal may include in the sum for which award is made, interest up to the date of award and also a direction regarding future interest. 7. Cost of Arbitration: The award may also include decisions and directions of the arbitrator regarding the cost of the arbitration. 8. Delivery of copies: After the award is made, a signed copy should be delivered to each party for appropriate action like implementation or recourse against arbitral award.