Explain the basic features of Arbitral Award under the Arbitration and Conciliation Act, 1996.

As per Section 2(1)(c) of the Arbitration and Conciliation Act, 1996, "arbitral award" includes an interim award. The definition does not give much detail of the ingredients of an arbitral award. However, taking into account other provisions of the Act, the following features are noticed: 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. The award is to be signed by the members of the arbitral tribunal. The making of an award is a rational process which is accentuated by recording the reasons. The award should contain reasons. The award should be dated i.e. the date of making of the award should be mentioned in the award. Place of arbitration is important for the determination of rules applicable to substance of dispute, and recourse against the award. Place of arbitration refers to the jurisdiction of the Court of a particular city or State. The arbitral tribunal may include in the sum for which award is made, interest upto the date of award and also a direction regarding future interest. The award may also include decisions and directions of the arbitrator regarding the cost of the arbitration. After the award is made, a signed copy should be delivered to each party for appropriate action like implementation or recourse against arbitral award.