Today, the adjudicatory system of arbitration is replacing the court, since it is considered to be more private, economical, rapid, certain, conducive to business relationships and in some jurisdictions finality of their decision. However, arbitration has its own limitations. For example, arbitrators may make mistakes and all advantages of arbitration may be for the “winners” of arbitration. That is why almost all countries in the globe agreed for the necessity of vacating an arbitral awards in case where the award is defective. The problem is that unlike the arbitration laws of many jurisdictions, the Ethiopian arbitration law has never said anything about the situation after vacating of an arbitral award. And, leaving the post-setting aside situation without adequate procedural rules amounts to exposing the parties for further controversy. So, the main purpose of this article is to examine and analyze the Ethiopian Arbitration Laws governing post-setting aside situation of a vacated arbitral awards. And, the article upholds qualitative legal research which is based on the identification, synthesis and analysis of the law governing vacated arbitral awards. The arbitration laws of other jurisdictions are also overviewed for better understanding of the issues and to indicate where the gap on the arbitration law of Ethiopia is. Finally, the writer recommends the Ethiopian government to refine the arbitration law governing vacating arbitral awards particularly to include a provision that dictate the effects of a vacated arbitral awards.