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Following the appointment of arbitrators, the party who was wringed must file a statement of claim which mentions the details regarding the dispute: events leading up to the dispute, reasons for the dispute, and compensation or relief claimed[9].

Arbitration is generally confidential, and documents submitted in arbitration are not publicly-available, unlike court-related filings. However, if an award is issued at the conclusion of the case, FINRA posts it in its Arbitration Awards Online Database, which is publicly available.

What is needed to commence arbitration? Under the Arbitration and Conciliation Act, a party can commence arbitration by issuing a notice in writing to the other party of its intention to refer the dispute to arbitration.

A claimant initiates an arbitration by filing a statement of claim that specifies the relevant facts and remedies requested. A respondent responds to an arbitration claim by filing an answer that specifies the relevant facts and available defenses to the statement of claim.

Rule 1304 - Conduct of Hearing. Generally (a) Except as otherwise prescribed by these rules, the board of arbitrators shall conduct the hearing in conformity with Rule 1038(a). A voluntary nonsuit may be taken by a plaintiff as permitted by Rule 230.

(a) General rule. --An agreement contained in a record to submit to arbitration any existing or subsequent controversy arising between the parties to the agreement is valid, enforceable and irrevocable except upon a ground that exists at law or in equity for the revocation of a contract.