What is an arbitration award?

An arbitration award is a legally binding decision made by an arbitrator that is a substitute for a court judgment. An arbitrator is an unbiased third party who is appointed to resolve a dispute between two parties. The arbitrator acts similarly to a judge, listening to both sides of the dispute and making a decision based on evidence and the law. In the state of Florida, arbitration awards are considered to be final and binding, and are enforceable in court. An arbitration award can determine the outcome of a dispute and may include such things as awarding payment or damages, ordering a party to take a specific action, or dismissing a case entirely. Once an arbitration award has been made, it is legally binding and enforceable, and cannot be appealed. Generally, the only way a party can attempt to have the decision overturned is if they can prove that the award was procured by fraud or that the arbitration proceedings were conducted in bad faith or in violation of the law. The use of arbitration is a popular and cost-effective alternative to traditional litigation and often allows both parties involved to reach a resolution quicker and with less stress. While arbitration awards must be respected, parties still have the right to reject the decision of the arbitrator and proceed with traditional litigation.

Related FAQs

What is arbitration law?
What is a class action arbitration?
Are there any special considerations for securities arbitration?
Are there any special considerations for international arbitration?
Are there any special considerations for commercial arbitration?
What are the rules of evidence and procedure in an arbitration hearing?
Are there any special considerations for investment arbitration?
Can arbitration awards be appealed?
How do I select an arbitration forum?
What is the importance of confidentiality in an arbitration hearing?

What is an arbitration award?

Related FAQs

Related Blog Posts