What is an arbitration award?
An arbitration award is a legal decision made by an arbitrator in an arbitration hearing. An arbitration hearing is a legal proceeding where people (the parties) present evidence and witnesses to an arbitrator to help them make a decision. In Kansas, arbitration awards are legally binding and enforceable. This means that the parties cannot go back on their agreement and must abide by the decision made by the arbitrator. An arbitration award will usually include an award of damages to one of the parties, which means that they are obligated to pay the other party a certain amount of money in accordance with the award. It may also include a decision on matters such as legal costs or the return of goods or services. This means that the parties must comply with whatever is decided in the award. An arbitration award is usually considered final and cannot be challenged in a court of law. Therefore, it is important that parties take serious consideration before entering into arbitration proceedings.
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