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The second function is, acting as an appraiser, testifying as to value before a single arbitrator or an arbitration panel; and the third function is, acting only and solely as an arbitrator, taking evidence presented by the parties in a hearing or by submission in writing.
In many cases, arbitrators are unable to indicate when they last updated their disclosure documentation and do not appear to be urged by FINRA to do so on a regular basis.
The courts are trying to signal they don't want to hear appeals like this, and that the bar is very, very high to meet and make a showing that your arbitrator showed evident partiality," says Liz Kramer, a shareholder at Leonard, Street and Deinard and author of the "Arbitration Nation" blog.
He believes the community should not be "compelled to accept a bad decision by an arbitrator when there are still legal avenues to appeal.
It should be pointed out that it is common practice in collective bargaining agreements to give either side the right to fire independent arbitrators.
However, strict laws will be put in place to prevent arbitrators from leaking information or illegally benefiting from their duties.
When the arbitration agreement does not stipulate the number of arbitrators, the Appointments Committee will base its decision on the importance of the dispute.
7) The literature on disqualification of arbitrators is however relatively scarce and, more importantly, reported decisions on challenges in investment arbitration are very few.
An overhaul of the Bar's free fee arbitration program that will screen cases and seek to bring in more volunteer arbitrators has been approved by the Bar Board of Governors.
The results revealed a system that strongly favors the corporations that hire the arbitrators.
Once arbitration has commenced, the rules set the procedure for selection of arbitrators.
A reputation for objectivity and fair-mindedness makes CPAs excellent candidates to become arbitrators.
10) The FAA includes four statutory bases for vacating an award: (11) 1) Where the award was procured by corruption, fraud, or undue means; where there was evident partiality or corruption in the arbitrators, or [any] of them; 2) where the arbitrators were guilty of misconduct in refusing to postpone the hearing, upon sufficient cause shown, or in refusing to hear evidence pertinent and material to the controversy; 3) or of any other misbehavior by which the rights of any party may have been prejudiced; 4) or where the arbitrators exceeded their powers, or so imperfectly executed them that a mutual, final, and definite award upon the subject matter was not made.
The intent of interest arbitration is not to have arbitrators impose settlements on the bargainers but rather to encourage negotiation by the parties.
The dearth of experienced arbitrators can be attributed to arbitration clauses in most life and health reinsurance agreements that require arbitrators be present or former officers or directors of life or health insurance companies.