What is the process for amending a securities arbitration award?
In Kansas, the process of amending a securities arbitration award starts with filing a petition to the administrative agency and supplying all relevant documentation. The administrative agency will then review the petition and may decide to accept or deny it. If the petition is accepted, the administrative agency will request a hearing. During the hearing, the parties involved will present evidence and arguments to support their position. The administrative agency will then issue an amended securities arbitration award. The amended arbitration award will be made final upon all relevant parties agreeing to the terms or, in the event of disagreement, after a decision is reached by the administrative agency. The parties are not required to accept the amendment and may appeal to the court if they disagree. If the administrative agency denies the petition to amend the award, the parties may petition the court to review the petition. The court will decide whether the petition should be accepted or denied. If accepted, the court may also modify the award, taking into consideration the arguments presented by both parties. The amended securities arbitration award will become binding upon all relevant parties once it is approved by the court. At this point, parties cannot modify or appeal the award. It is important to note that both parties must abide by the terms of the amended award or face legal consequences.
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