law: Arbitration Act 1940
  Section 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 reasons are to be given, or
  (b)  the 
  
  award is an arbitral award on agreed terms under section 30.
  (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, on the whole or any part of the money, for
  
  the whole or any part 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.
  (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 in which the costs shall be paid.
  Explanation:
  
  For the purpose of
  
  clause (a), "costs" means reasonable 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
  (iv)  any  other
  
  expenses incurred in connection with the arbitral proceedings and the arbitral
  
  award.
  Comment: Thus, the law on the award, as governed by
  
  the new Act, is other way about of the preexisting law; it mandates that the
  
  award should state the reasons upon which it is based. In other words, unless
  
  (a) the parties have agreed that no reasons are to be given or (b) the award is
  
  an arbitral award on agreed terms under Section 30 of the New Act, the award
  
  should state the reasons in support of determination of the
  
  liability/non-liability. Thereby, legislature has not accepted the ratio of the
  
  Constitution Bench in the  Chokhamal  Contractor's case
  
  (AIR 1990 SC 1426), that the award, being in the private law field, need not be
  
  a speaking award even where the award relates to the contract of private parties
  
  or between person and the Government or public sector undertakings. The
  
  principle is the same, namely the award is governed by Section 31(3).  T.N.
  
  Electricity Board v. M/s. Bridge Tunnel Constructions, AIR 1997 SUPREME COURT
  
  1376