In institutional arbitration proceedings governed by sector-specific legislation which refers to the provisions of the Code of Civil Procedure for matters not expressly regulated, the expiry of the time limit assigned to the arbitrators for the deliberation of the award may not be relied upon as a ground of nullity if the party, prior to the deliberation as evidenced by the operative part signed by the majority of the arbitrators, has not notified the other parties and the arbitrators of its intention to invoke their lapse, pursuant to Article 821 of the Code of Civil Procedure.
The time limit prescribed by law for the deliberation of the arbitral award, where the relevant provision allows for its extension, must be classified as directory rather than mandatory, pursuant to Article 153 of the Code of Civil Procedure, with the consequence that its expiry does not render the award null.