law: The Arbitration and Conciliation Act, 1996
  31. Form and contents
  
  of arbitral award.
  1.  
  
    An
  
  arbitral award shall be made in writing and shall be signed by the members of
  
  the arbitral tribunal.
  2.  
  
    For
  
  the purposes of sub-section (1), in arbitral proceedings with more than one
  
  arbitrator, the signatures of the majority of all the members of the arbitral
  
  tribunal shall be sufficient so long as the reason for any omitted signature is
  
  stated.
  3.  
  
    The
  
  arbitral award shall state the reasons upon which it is based, unless-
  a.   the parties have
  
  agreed that no masons are to be given, or
  b.   the award is an
  
  arbitral award on agreed terms under section 30.
  1.  
  
  
  2.  
  
  
  3.  
  
  
  4.  
  
    The
  
  arbitral award shall state its date and the place of arbitration as determined
  
  in accordance with section 20 and the award shall be deemed to have been made
  
  at that place.
  5.  
  
    After
  
  the arbitral award is made, a signed copy shall be delivered to each party.
  6.  
  
    The,
  
  arbitral tribunal may, at any time during the arbitral proceedings, make an
  
  interim arbitral award on any matter with respect to which it may make a final
  
  arbitral award.
  7.  
  
   
  a.   Unless otherwise
  
  agreed by the parties, where and in so far as an arbitral award is for the
  
  payment of money, the arbitral tribunal may include in the sum for which the
  
  award is made interest, at such rate as it deems reasonable, an the whole or
  
  any pan of the money, for the whole or any pad of the period between the date
  
  on which the cause of action arose and the date on which the award is made.
  b.   A sum directed to be
  
  paid by an arbitral award shall, unless the award otherwise directs, carry
  
  interest at the rate of eighteen per centum per annum from the date of the
  
  award to the date of payment.
  1.  
  
  
  2.  
  
  
  3.  
  
  
  4.  
  
  
  5.  
  
  
  6.  
  
  
  7.  
  
  
  8.  
  
    Unless
  
  otherwise agreed by the parties,-
  a.   the costs of an
  
  arbitration shall be fixed by the arbitral tribunal;
  b.   the arbitral tribunal
  
  shall specify-
   
  
   i.  
  
    the
  
  party entitled to costs,
   
  
   ii.  
  
    the
  
  party who shall pay the costs,
   
  
   iii.  
  
    the
  
  amount of costs or method of determining that amount, and
   
  
   iv.  
  
    the
  
  manner a which the costs shall be paid.
  Explanation,- For the
  
  purpose of clause (a), "costs" means responsible costs relating to-
   
  
   i.  
  
    the
  
  fees and expenses of the arbitrators and witnesses,
   
  
   ii.  
  
    legal
  
  fees and expenses,
   
  
   iii.  
  
    any
  
  administration fees of the institution supervising the arbitration, and 14 (iv)
  
  any other expenses incurred in connection with the arbitral proceedings and the
  
  arbitral award.