What is an arbitration award?
An arbitration award is a legally binding decision made by either a neutral third-party or an appointed panel of arbitrators to resolve a dispute between two parties. The award is determined after both sides have presented their case, with the panel then deciding how to resolve the issue. In Ohio, an arbitration award is enforceable in the same manner as a court judgment and is subject to the same rules of enforcement. The arbitration award may consist of a settlement agreement between the parties, an award of money damages, an order to do or refrain from doing something, or any combination of these things. The award can be appealed if it is found to be contrary to law or public policy. For the award to be upheld, arbitration must be conducted fairly and in a manner that is consistent with the applicable laws.
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