välimiespäätös

Välimiespäätös is the Finnish term for an arbitral award. It is the final decision rendered by an arbitral tribunal in a dispute that the parties have agreed to resolve through arbitration. This agreement is typically found in a contract, often referred to as an arbitration clause or agreement.

Unlike court judgments, arbitral awards are generally not subject to appeal on the merits. While there are limited grounds for challenging an award, such as procedural irregularities or violations of public policy, the arbitrators' findings of fact and law are usually binding. This finality is one of the key attractions of arbitration for parties seeking a swift and conclusive resolution to their disputes.

The process leading to a välimiespäätös involves the presentation of evidence and arguments by the parties to the arbitrators. The arbitrators then deliberate and issue a written decision that resolves the dispute. The award typically specifies the rights and obligations of each party and may include orders for payment of damages or other remedies. Once issued, the award is legally binding and enforceable in the same manner as a court judgment in most jurisdictions. The enforceability of arbitral awards is further facilitated by international conventions, such as the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.