Is there a way to modify a securities arbitration award?

Yes, a securities arbitration award can be modified depending on the case. Typically, a modification to a securities arbitration award can be done through a petition, or motion, which the petitioner files with the arbitrator or tribunal. The court might also modify the award if certain legal requirements are met. In Texas, the Texas General Arbitration Act states that if both parties agree to the modification, the arbitrator should modify the award. If one party does not agree to the modification, then the petitioner must request the court to modify the award. The court might modify the award based on the following two situations: First, if the award fails to resolve or fully resolve all of the issues and parties in dispute, then the court may modify the award to give full effect to the parties’ original agreement. Second, if the award is uncertain, ambiguous, or incomplete, then the court can modify the award in order to resolve the uncertainty, ambiguity, or incompleteness of the award. In any case, securities arbitration awards are presumed to be valid and binding, unless there is convincing evidence to the contrary. Therefore, it is important that a petitioner follows the appropriate protocol to modify the award before taking any further action. Ultimately, the arbitrator or court will decide whether to modify the award or not.

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