A revision is necessary at this time in light of the ever-increasing use of arbitration and the developments of the law in this area.
Arbitration is basically a private resolution of a dispute.
It is a voluntary process, in which autonomy of the parties who enter into arbitration agreements should be given prime consideration, so long as their agreements conform to notions of fundamental fairness. Many parties choose arbitration because of the relative speed, lower cost, and greater efficiency of the process. The RUAA advances and preserves these features. The UAA 1955 was limited to such basic issues as enforcement of arbitration agreements, appointment of arbitrators, and review of arbitration awards. The RUAA adds a provision that authorizes the consolidation of separate arbitration proceedings.