How Are The Parties Notified Of Decisions?
When the arbitrators have reached their decision and have signed an award, copies will be mailed to the parties. The award shall be in writing and signed by a majority of the arbitrators. The award may be entered by the as a judgment in any court of competent jurisdiction shall endeavor to render an award within from the date the record is closed.
The award will contain the names of the parties, the names of counsel, if any, the dates the claim was filed and the award was rendered, the number and dates of the hearing sessions, the location of the hearings, a summary of the issues including the type(s) of any security or product in controversy, the and other relief requested, the damages and other relief awarded, a statement of any other issues resolved, the names of the arbitrators, and the signatures of the arbitrators concurring in the award. In addition, all awards must be paid within 30 days of receipt unless a motion to vacate has been filed in court. Awards will also bear interest if they are not paid within thirty days of receipt, if the award is the subject of a motion to vacate that is denied or as specified by the arbitrators.
The awards will be made publicly available. Arbitrators are not required to write opinions or provide reasons for the award. A party, however, may request an opinion. This request should be made no later than the hearing date.
Important: It should be kept in mind that the arbitrators' decision will be based solely and exclusively on the documents and related material provided by the parties to a dispute. In the case of a hearing, the decision will be based on both the documents and testimony presented at the hearing. It is therefore important that a party's case be carefully and thoroughly prepared. As noted, this may be done either with or without the assistance of counsel. Such preparation will ensure that all relevant facts and evidence will be presented by the parties and, thus, considered by the arbitrators. Arbitrators are not allowed to reconsider a decision because new evidence has been found after the award was rendered.
In addition, it is the responsibility of the parties to submit briefs for any novel theories of recovery and/or requests for special damages. In some cases, arbitrators may require even parties without lawyers to support their claims by reference to the relevant law.
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