The laws which the arbitral tribunal should comply with in making an arbitral award are as provided by the agreement of the parties. In this case, if laws and regulations of a given State have been designated, that designation is deemed not to designate the laws and regulations of the State providing the application of conflicting domestic and foreign laws and regulations but rather the laws and regulations of the State which are to be directly applied to the case, unless a contrary intention has been clearly indicated.
If an agreement referred to in the preceding paragraph has not been reached, the arbitral tribunal must apply the laws and regulations of a State which has the closest relationship to the civil dispute that has been referred to the arbitration procedure and which should be directly applied to the case.
Notwithstanding the provisions of the preceding two paragraphs, if both parties have stated a clear request, the arbitral tribunal is to decide ex aequo et bono.
An arbitral tribunal must make decisions in accordance with the terms of the contract related to the civil dispute which has been referred to the arbitral procedure, if the contract exists, and take into account the practices applicable to the relevant civil dispute, if any practices exist.
仲裁廷は、仲裁手続に付された民事上の紛争に係る契約があるときはこれに定められたところに従って判断し、当該民事上の紛争に適用することができる慣習があるときはこれを考慮しなければならない。
略称規定第二条第一項
…既に生じた民事上の紛争又は将来において生ずる一定の法律関係（契約に基づくものであるかどうかを問わない。）に関する民事上の紛争の全部又は一部の解決を一人又は二人以上の仲裁人にゆだね、かつ、その判断（以下「仲裁判断」という。）に服する旨の合…
わかりやすく言うと
当事者から解決を任された民事上の紛争について、仲裁人が下す判断のことです。仲裁合意をした当事者は、この判断に従うことを約束しています。
定義第二条第二項・法令全体に適用
仲裁合意に基づき、その対象となる民事上の紛争について審理し、仲裁判断を行う一人の仲裁人又は二人以上の仲裁人の合議体