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01-11-2014, 03:30 PM
  #459
Bird Law
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As per the Federal Arbitration Act, these are the reasons an arbitration award may be vacated or modified.
10 provides some limited requirements for an award to be vacated:

(1) where the award was procured by corruption, fraud, or undue means;
(2) where there was evident partiality or corruption in the arbitrators, or either of them;
(3) 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; or of any other misbehavior by which the rights of any party have been prejudiced; or
(4) where the arbitrators exceeded their powers, or so imperfectly executed them that a mutual, final, and definite award upon the subject matter submitted was not made.

11 provides for some limited modification of awards:

(a) Where there was an evident material miscalculation of figures or an evident material mistake in the description of any person, thing, or property referred to in the award.
(b) Where the arbitrators have awarded upon a matter not submitted to them, unless it is a matter not affecting the merits of the decision upon the matter submitted.
Where the award is imperfect in matter of form not affecting the merits of the controversy.

The FAA governs this contract (and almost every other contract out there) since it involves some form of interstate commerce.

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