A Nevada Arbitration Award is a legally binding resolution to a dispute between two or more parties. It is a decision made by a neutral third party, known as an arbitrator, after hearing both sides of the dispute. The arbitrator is usually chosen by the parties involved in the dispute and is often an attorney or judge. The Nevada Arbitration Award is enforceable in court and, in some cases, it can be appealed. There are three types of Nevada Arbitration Awards: Final Awards, Interim Awards, and Partial Awards. Final Awards are the most common type and are binding on all parties. Interim Awards are temporary Awards that deal with specific issues until a final decision can be made. Partial Awards are Awards that resolve only a portion of the dispute and allow the parties to continue the arbitration process to resolve the remaining issues.
Nevada Arbitration Award
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FAQ
Mandatory arbitration is when CSLB or its arbitration provider appoints an arbitrator to make a final decision in a dispute between two or more parties. CSLB uses mandatory arbitration, when appropriate, to resolve complaints where the financial remedy will be $15,000 or less.
The disadvantages of arbitration Both sides give up their right to an appeal, which means one party could end up feeling slighted. If the matter is complicated but the amount of money involved is modest, the arbitrator's fee may make arbitration uneconomical.
Arbitration Forms Arbitration is the process used to allow a neutral third person, called an Arbitrator, to consider facts and arguments presented by parties in a case. This Arbitrator then renders a decision, which may be binding or nonbinding as provided by Nevada's Rules of Arbitration.
The arbitrator's final decision on the case is called the ?award.? This is like a judge's or jury's decision in a court case. Once the arbitrator decides that all of the parties' evidence and arguments have been presented, the arbitrator will close the hearings. This means no more evidence or arguments will be allowed.
Nevada's Specific Authorization Rule This rule renders only the arbitration provision ?void and unenforceable? if an underlying contract is devoid of ?specific authorization? indicating that the person has affirmatively agreed to that provision.
In Nevada, the arbitration process is governed by rules set forth by the Nevada Supreme Court. In the arbitration program a claimant cannot receive an award in excess of $50,000, exclusive of fees and costs.