Proponent's option to withdraw from award
86ZF Proponent's option to withdraw from award
A proponent may, within 7 days after the making of an award or such further time as the regulator may allow, elect not to be bound by the award by giving written notice of the election to the regulator.
The regulator must, within 7 days after receiving a notice of election under subsection (1), notify the regulated operator and the other parties to the arbitration.
If the proponent elects not to be bound by an award—
the award is rescinded; and
the proponent is precluded from making another proposal related to the same matter for 2 years from the date the notice of election was given unless the regulated operator agrees or the regulator authorises a further proposal within that period.
An authorisation under subsection (3)(b) may be given on conditions the regulator considers appropriate.
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