Are there different types of Arbitrations?
Yes, there are several types of Arbitrations. The normal type is where the arbitrator listens to the evidence and issues an award, addressing all issues submitted for decision. The arbitrator is free to award any type of relief or remedy that the parties have agreed to and that is allowed by law. Typically, the arbitrator awards or denies the award of money from one side to the other. But other kinds of relief may be requested and can be awarded, such as an accounting or order to do something, if allowed by the agreement of the parties. There is also “baseball arbitration,” where the arbitrator is bound to award only one of two amounts of money. It is not used commonly in business disputes. There is “high-low arbitration,” where the arbitrator cannot award more than a set amount and less than a set amount. These set amounts are usually determined by the parties ahead of time and may not even be shared with the arbitrator. But this method of Arbitration does give the parties some assura
