What are the pre-requisites of Arbitration and requisites of an Award?

Answer 3(a) Pre-requisites of Arbitration Every arbitration must have the following three pre-requisites: (i) a dispute between parties to an agreement, requiring a settlement; (ii) its submission for a settlement to a third person; and (iii) a decision by such third person according to his own judgement based on the facts and circumstances of the dispute, which is binding on both the parties. Requisites of an Award The general requisites of an award are: (a) it must be consistent with the submission; (b) it must be certain; (c) it must be fair to the parties; (d) it must be final; (e) its implementation must be possible.