What is an arbitration award?
An arbitration award is a legally binding agreement between two parties that is issued after an arbitration hearing. It is an alternative to a court ruling or trial and is typically used when parties are unable to resolve their dispute on their own. In Virginia, arbitration awards are typically determined by either a single arbitrator or a panel of three arbitrators. An arbitration award is the end result of an arbitration hearing and binds all the parties to the agreement as if it were a court-ordered ruling. After the agreement is reached, the arbitration award is typically written up by the arbitrators and signed by all of the parties involved. In Virginia, the agreement must be made in writing pursuant to the Virginia Code 8.01-581. The arbitration award should have a few specific components. These components include the names of the parties involved, a description of the dispute, the terms of the agreement, and the signatures of the parties involved. It should also have information pertaining to the fees paid by the parties and the expected costs of enforcement should one of the parties fail to comply with the agreement. It is important to note that a court ruling, unlike an arbitration award, can be appealed in Virginia. An arbitration award, however, is final and binding on all parties involved. This makes it a powerful and effective way for parties to resolve disputes without involving the court.
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