An arbitral award is a final and legally binding award made by the arbitral tribunal on the arbitration claims and counterclaims of the parties after substantive hearings. In addition to arbitral awards, arbitral tribunals (sometimes arbitral institutions) will usually decide on certain procedural matters, such as jurisdictional objections, modification of arbitration claims, acceptance of arbitration counterclaims, suspension of arbitration proceedings, and dismissal of cases. In the course of litigation procedures, if a party is dissatisfied with a judgment or a ruling of a court, this party may file an appeal in accordance with the law. However, the commercial arbitration system follows the principle of finality of the award. If the parties are not satisfied with the outcome of the arbitral tribunal, they have no right to appeal to the court. However, they can only apply to the court with jurisdiction to set aside or not enforce the arbitral award. With regard to the arbitral decision made by the arbitral tribunal in the course of the hearing of the case, which involves procedural matters, if the parties have expressly objected to it and it meets the statutory circumstances of setting aside or not enforcing the arbitral award, the parties may raise it again in the court as a ground for applying for the setting aside or not enforcing of the arbitral award. This chapter focuses on the types of arbitral awards and decisions, the underpinning principles, and the possible consequences of violation.