What is an arbitration award?
An arbitration award is a decision made by an arbitration panel in an arbitration process. This is a form of dispute resolution, where an impartial third party is used to resolve a dispute rather than going to court. In Texas, an arbitration award is the final and binding decision made during the arbitration process. It is put in writing and signed by the arbitrator(s). The award will typically include the outcome of the arbitration, such as a monetary award or an agreement to follow certain rules or regulations. It may also include information regarding the cost of the arbitration and any further actions that may be taken. An arbitration award will be legally enforceable and must be followed by the parties involved.
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