What is an 'arbitral award' under the Arbitration and Conciliation Act, 1996? Explain.

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 details of the ingredients of an arbitral award. However, taking into account other provisions of the Act, the following features are noticed: An arbitration agreement is required to be in writing. Similarly, a reference to arbitration and award is also 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. 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. 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. The formulation of reasons is a powerful discipline and it may lead the arbitrator to change his initial view on the matter. Recording of reasons involves analysis of the dispute to reach a logical conclusion. Award can be divided into four parts i.e. general, findings of fact, submissions of the parties and conclusions of the tribunal. The tribunal should explain its view of the evidence and reasons of its conclusions. The preamble of the award may contain reference to the arbitration agreement, constitution of the tribunal, procedure adopted by the tribunal etc. and the second part of the award may contain points at issue, argument for the claimant, argument for the respondent and findings of the tribunal. The points at issue may be divided into two heads i.e. issue of fact and issue of law. 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. The arbitral tribunal is under obligation to state the place of arbitration as determined in accordance with Section 20. 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.