This process is specifically designed for disputes where issues of importance to the parties are not well-addressed by money damages alone, but which need a binding decision in the form of an arbitration award. It is particularly useful where the parties have had a business or personal relationship but believe they have been unfairly treated.
In addition to the testimony and information submitted during the hearing, the award is based on:
1) a consideration of precedents from law & equity submitted by the parties
2) a neutral party reaction to the dispute based on fairness standards stated in the award
The process is designed to allow parties and their witnesses to tell their story without unnecessary interruption. The rules of evidence do not apply, but nothing is given more weight than it deserves. Each party is normally allowed an approximately equal amount of time to present its case.
The Agreement for Equitable Arbitration is used for submissions, and is subject to modification by mutual agreement among the parties and the arbitrator.