A Party May Apply for a Modification of an Arbitration

question 30

Multiple Choice

A party may apply for a modification of an arbitration award on which of the following grounds:

• A) The tribunal has exceeded the scope of submission.
• B) There is a need to correct a clerical error or ambiguous language.
• C) The language or form of the award creates some collateral problem for the party.
• D) all of the above.

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Definitions:

Time Period

A specific duration or interval during which certain events occur or conditions are measured.

Selling and Administrative Expenses

Expenses related to the daily operations of a business that are not directly tied to production, including sales promotions, salaries of administrative staff, and office rent.

Days' Sales

A measure often used in the context of 'Days' Sales in Inventory' which indicates the average number of days it takes for a company to sell its inventory.

Raw Materials Inventory

Consists of the basic materials and components required to manufacture goods.