Unless otherwise agreed upon by the parties, maps' arbitrations are governed by the Federal Arbitration Act (9 U.S.C.§1et seq.) and maps' Rules and Procedures. The parties can elect to proceed under any published rules of procedure and the arbitration will proceed according to those rules. Although laws vary from state to state, arbitration awards are final and binding on all parties to the arbitration. Please refer to the laws of your state to determine the effect of arbitration and arbitration awards.
The process is much quicker than the judicial process because the parties and/or Arbitrator can limit the number of witnesses and exhibits as well as set parameters on the amount and type of evidence to be considered by the Arbitrator.
High-low arbitration allows the parties to mutually establish, prior to the hearing, a range for the Arbitrator’s award. If the award is above the pre-set maximum, it automatically moves down to the previously agreed upon high figure. Conversely, if the Arbitrator’s decision is below the established minimum, the award moves up to the pre-determined low figure. The Arbitrator will not be aware of the high and low figures that the parties have agreed upon.