FINLAND Law and Practice Contributed by: Julia Pekkala, Mikko Leppä, Risto Sandvik and Nuutti Kortelainen, HPP Attorneys Ltd
Even if the arbitration is confidential – whether through the parties’ explicit agreement or relevant institutional rules – this confidentiality is not absolute, especially where court involvement is necessary. It is generally accepted that a party may disclose information from the arbitration in subsequent legal proceedings, such as those aimed at enforcing or challenging an arbitral award, to the extent it is necessary.
the arbitral tribunal may base its award on ex aequo et bono. Parties retain significant autonomy to define the scope of relief sought and the legal framework governing their dispute. 10.3 Recovering Interest and Legal Costs Parties retain the right to claim interest as part of their substantive claims. The interest may be agreed upon by the parties or determined under the applicable sub - stantive law. In Finland, a “costs follow the event” approach is followed: unless the parties have agreed otherwise, arbitration costs are typically paid by the unsuccess - ful party. Nevertheless, the arbitral tribunal retains the discretion to distribute any arbitration costs between the parties based on the specific circumstances of each case. An allocation of costs that is proportional to the claimant’s success is common. Unless otherwise agreed, the parties bear joint and several liability for the arbitral tribunal’s fees and costs, as well as the FAI’s administrative fees and expenses in arbitrations governed by the FAI Rules. Typically, however, the unsuccessful party will be required to reimburse the successful party for any portion of arbi - trators’ fees or costs that the successful party has paid. An arbitral award cannot be appealed. An award may only be deemed null and void or set aside, and the conditions for doing so closely mirror those on which the recognition and enforcement of an arbitral award can be refused under the New York Convention. An award is null and void if: • the arbitral tribunal has decided that an issue is non-arbitrable under Finnish law; • recognition of the award would be against Finnish public policy; • the arbitral award is so obscure or incomplete that it does not indicate how the dispute has been decided; or 11. Review of an Award 11.1 Grounds for Appeal
10. The Award 10.1 Legal Requirements
An arbitral award must be in writing and signed by all arbitrators. An arbitral award shall also state the date of its issuance and the place of arbitration. The absence of the signature of one or more arbitra - tors will not make the award null and void if it has been signed by the majority of all members of the arbitral tribunal and if they have stated the reason why an arbitrator who participated in the arbitration has not signed the award. Unlike the Arbitration Act, the FAI Rules also require that the arbitral tribunal state the grounds upon which the award is based, unless the parties have agreed that no grounds are to be given. Under the Arbitration Act, there are no statutory time limits on the delivery of the award. According to the FAI Rules, the final award shall be rendered no later than nine months from the date on which the arbitral tribunal received the case file from the FAI. This time limit may be extended upon a reasoned request of the arbitral tribunal or, if deemed necessary, on the FAI’s own initiative. 10.2 Types of Remedies The Arbitration Act does not impose categorical restrictions on specific types of remedies or damages. Instead, it establishes a system where public policy serves as the primary limitation and, therefore, rem - edies that violate Finnish public policy are prohibited (such as punitive damages). Arbitrators must operate within their granted authority and cannot exceed the scope of their mandate. The award must be based on law, unless the parties have explicitly agreed that
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