My take on terms of reference, is it sounds like the rules and boundaries in which the panel will used to guide their decision for Award. I would think that it was established upfront and early before the hearings and definitely before the final hearing. My guess would be that the Arbitrators are 6 months or more past the the terms of reference. A key question to consider, is did NOK agree to the terms of reference and signed the document or did the Panel have to take the terms of reference to the court to have them approve it minus Nok's signature. I would think NOK probably signed the Terms of Reference so to not imply that the Arbitrators are incompetent or unfair.
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