In a very recent case concerning an application for registration, recognition and enforcement of a Partial Final LCIA Arbitral Award in Cyprus, the Cypriot court was called to examine whether the Award in question had become ''final and binding''.
In this case, the applicants in their application for recognition and enforcement did not attach along with the Award the Memorandum of Corrections which had already been issued by the Tribunal and which memorandum related only to unimportant corrections, mainly concerning clerical errors.
Despite this, the respondents filed an opposition alleging that the Partial Final Award would only become ''final and binding'' after the issuance of the memorandum of corrections of the Award, and they further alleged that it should not be considered as ''final and binding'' because the applicants had not presented in the context of the enforcement application such memorandum of corrections.
In reaching its decision to accept the registration, recognition and enforcement of the Partial Final LCIA Award in Cyprus, the Court relied on the following:
- That according to the LCIA Rules there is no provision that an arbitral award becomes binding after the lapse of the designated period of time for the filing of a notice for corrections or after the expiration of the designated period for the issuance of a memorandum of corrections.
- That the Memorandum of Corrections was issued before the filing of the application.
- That the applicants had presented the Memorandum of Corrections by way of a supplementary affidavit, and that the Memorandum of Corrections related only to unimportant corrections not affecting the content of the Award.
Our office successfully handled this case on behalf of the applicant.
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