How is the legal value of an arbitral award? Does one party, who disagrees with the arbitral award, have the right to bring a petition to the court?

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The arbitral award is final, and all parties are bound by such award. If when the time-limit for carrying out an arbitral award expired, the award debtor has not voluntarily carried out the award and has not requested that the award be set aside,  the award creditor shall have the right to request the competent civil judgment enforcement agency to enforce such award.

Hence, once the arbitral tribunal has renserd the award, parties are not allowed to bring a petition to the court, unless one party submit an application for setting aside the arbitral award to the court and the court decide to set aside such award on the grounds set out in Article 68 of The Arbitration Law 2010.

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