The Web Site of the Legal Information Institute of Cornell Law School contains a full listing of all state arbitration statutes , as well as the Federal Arbitration Act. The arbitrators can decide on another interest arrangement. For example, the arbitrators can decide that interest is due from an earlier or later date. Investors who haven t been paid within 30 days of receipt of the award should notify the SRO that issued the award. Check with your SRO for its specific practices and standards in this regard.
Arbitration awards are also enforceable under federal and state laws.
By this summary process, an arbitration award is turned into a court judgment that can be enforced like any other judgment. The arbitration statutes provide very limited grounds for attacking arbitration awards, such as fraud, arbitrator misconduct, arbitrators exceeding their authority, or arbitrator bias. It is usually difficult to overturn an arbitration award. The typical time frame for mounting a challenge to an award is three months from when the award was issued. New York s arbitration law is a good illustration of the award modification process.