Describe the arbitration process

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Answer 1

The first step in the arbitration process is the submission agreement, in which the parties agree to submit their dispute for arbitration. If an arbitration clause was included in a contract, the clause itself is the submission to arbitrate. Most states require that an agreement to submit a dispute to arbitration must be in writing. The submission agreement typically identifies the parties, the nature of the dispute to be resolved, the monetary amounts involved in the dispute, the place of arbitration, and the powers that the arbitrator will exercise. Frequently, the agreement includes a signed statement that the parties intend to be bound by the arbitrator's decision.
The next step in the process is the hearing. Normally, the parties agree prior to arbitrationâ€"in an arbitration clause or in a submission-to-arbitrate agreement, for exampleâ€"on what procedural rules will govern the proceedings. This includes the method to be used to select an arbitrator or a panel of three arbitrators. In a typical hearing, the parties begin as they would at a trial by presenting opening arguments and stating what remedies should or should not be granted. After the opening statements have been made, evidence is presented. Witnesses may be called and examined by both sides. After all evidence has been presented, the parties give their closing arguments. Although arbitration is in some ways similar to a trial, the rules (such as those regarding what kinds of evidence may be introduced) are usually much less restrictive than those involved in formal litigation.
After each side has had an opportunity to present evidence and to argue its case, the arbitrator reaches a decision. The final decision of the arbitrator is called an award, even if no monetary award is conferred on a party as a result of the proceedings. Under most arbitration statutes, the arbitrator must render an award within 30 days of the close of the hearing.