Michigan Binding Arbitration Award is a legally binding decision made by an arbitrator when two parties are in dispute and have agreed to arbitration as an alternative to litigation. The award is based upon the evidence presented and the law applicable to the case. The award is binding on both parties and is enforceable in the state of Michigan. Types of Michigan Binding Arbitration Awards include: Compromise Awards, Awards of Damages, and Awards of Specific Performance. Compromise Awards occur when the parties have agreed to a settlement out of court and the arbitrator approves the agreement. Awards of Damages involve the arbitrator determining the total amount of money that is owed by one party to the other. Awards of Specific Performance require the party to take specific actions as ordered by the arbitrator.
Michigan Binding Arbitration Award
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FAQ
Under the MUAA, an arbitration agreement is valid, enforceable, and irrevocable unless there is a legal or equitable ground for revocation of the agreement under Michigan law.
While parties are not required to have an attorney to participate in arbitration, arbitration is a final, legally-binding process that may impact a party's rights.
Arbitration agreements are enforceable under Federal Arbitration Act or the Michigan Uniform Arbitration Act. Arbitrations are administered through organizations such as the American Arbitration Association (?AAA?) or JAMS, which also have its own rules and procedures.
The issue or dispute is not covered by a valid arbitration agreement, such as when there is an issue the parties did not agree to arbitrate; The arbitration was tainted by fraud; and/or. Misconduct on the part of the arbitrator that affected their decision.
This law provides that arbitration agreements are generally valid and enforceable. The major exception to this provision is that the arbitration agreement is not enforceable if it violates the general law of contracts ? which applies to all contracts under the law of the state that governs the agreement.
Michigan's Uniform Arbitration Act, MCL 691.1686(1), provides that arbitration agreements are ?valid, enforceable, and irrevocable except on a ground that exists at law or in equity for the revocation of a contract,? and the Federal Arbitration Act (FAA), 9 USC 2, echoes this provision almost verbatim.
The parties present proofs and arguments to the Arbitrator. The Arbitrator then determines the facts, decrees and outcome. Many commercial contracts contain arbitration clauses requiring the parties to resolve their disputes through arbitration instead of through court proceedings.