This Article discuss the status of international commercial arbitration tribunals and undertakes an attempt to identify the legal nature of them and the awards rendered by them. An issue relating to the scope and limits of state regulation of the arbitration tribunal activities is considered. An arbitration delocalization concept is examined and its inconsistency is proved. A question is raised, whether an arbitral award is a part of the national legal systems. It is substantiated that removal of an arbitral award beyond the limits of national legal systems will result inevitably in fragmentation of legal regulation, undermines the stability of civil turnover and the predictability of legal reglamentation.