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Question
Briefly discuss arbitral awards and their relation to the courts.
Answer
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Most state statutes authorizing voluntary arbitration accept an agreement to arbitrate even if it is oral in form.
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A party involved in arbitration can withdraw from the arbitration process and resort to litigation if the members of that party think the process is not going well.
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To avoid the various expenses of litigation, disputing parties can agree to have a third party decide the merits of their dispute.
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A dispute arises when one party makes a claim that another party denies.
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