If You Want A Right to Appeal an Arbitration Award, Build it Into Your Arbitration Agreement
“Many people opt for binding arbitration because it is supposedly faster and cheaper, and binding – thus final,” writes Eric S. Solotoff in Fox Rothschild’s NJ Family Legal Blog.
“Some people have to arbitrate their matters that they cannot settle amongst themselves, because there are issues that they cannot try before a court given the court’s mandatory obligation to report certain matters to the proper authorities (e.g. taxing authorities). While many people seek the finality of a binding result, many others are concerned that because an arbitrator is human, she/he could make a mistake. Accordingly, they want the ability to appeal the matter to a reviewing body of some sort. However, the two main arbitration statutes have a very limited right of review.”
