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The Federal Arbitration Act was originally enacted in 1925 to replace judicial opposition to arbitration with a national policy favoring arbitration. The FAA sought to place arbitration agreements on equal footing with all other contracts. In this regard, Section 2 of the FAA expressly provides contracts to arbitrate disputes are "valid, irrevocable, and enforceable" and an arbitration award may be enforced by a judicial decree confirming it. But this statutory finality came with certain statutory exceptions. Specifically, the FAA provides that a court "must" confirm an arbitration award "unless" it is vacated, modified or corrected.
May 30, 2008 at 05:25 AM
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The original version of this story was published on Law.Com
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