A statute enacted in 1925 that provides the basic legal principles applicable to arbitration in the US (9 USC Ā§Ā§ 1-16; 9 USC Ā§Ā§ 201-208; 9 USC Ā§Ā§ 301-307). ADR is the common term for different ways of settling a dispute.ADR includes mediation, arbitration, neutral evaluation, settlement conferences. The Federal Arbitration Act or FAA, is an act of Congress that provides for non-judicial facilitation of private dispute resolution through arbitration. Five days' notice in writing of such application shall be served upon the party in default. Class Action Litigation. Our results reflect what we believe is the most comprehensive empirical study of consumer financial arbitration carried out to date.