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.
Related FAQs
What is a mini-trial?Are there any special considerations for commercial arbitration?
What is the difference between mediation and arbitration?
How do I challenge forum-selection clauses in arbitration?
What is the effect of arbitral immunity?
What is the arbitration clause in a contract?
What are the rules of evidence and procedure in an arbitration hearing?
What factors should I consider when selecting an arbitration forum?
What is a Model International Commercial Arbitration clause?
Are there any special considerations for securities arbitration?
Related Blog Posts
Unlocking the Basics of Arbitration Law: What You Need to Know - July 31, 2023Top Tips for Navigating Arbitration Law Successfully - August 7, 2023
Comparing International and Domestic Arbitration: What Businesses Should Know - August 14, 2023
Effective Strategies for Drafting Arbitration Agreements - August 21, 2023
Common Misconceptions About Arbitration Law: What Everyone Needs to Know - August 28, 2023