The Finality Aspect of an Award
Section 10 of the United States Arbitration Act enumerates the bases upon
which arbitration awards may be vacated. Simply stated, the various
elements for which a court may be permitted to vacate an award are limited
to items of arbitrator misconduct (such as fraud, duress, or undue means)
and those instances in which the award has been imperfectly executed (such
as improper interim decision or an incomplete award). The standards are
indeed difficult; therefore, arbitration awards are generally final in all
respects.
It is important to point out that another major difference between the
maritime arbitration system of the United States and the United Kingdom is
the finality of the award. New York awards are final except for the instances
described above. Awards in London are often stated in the form of a special
case for the courts and the court system. The time element in this process
may be substantial, and this can often lead to delaying tactics and consequent
hardships on those who cannot afford to wait.