When it comes to arbitration proceedings, parties must provide material evidence to support their claims. This evidence can come in the form of documents such as invoices, photographs, and correspondence from the parties. It is important that these documents are presented in a specific format, such as a folder, and labeled in a certain order. Exhibits must be numbered individually and consecutively throughout the procedure.
The numbers are usually preceded by the letter C- for the claimant's evidence and R- for the defendant's evidence. The FINRA Code of Arbitration Procedure does not require clients to be represented by lawyers in arbitration. An arbitration award is final, binding on both parties, and appealable only in limited circumstances, such as when a party can demonstrate that an arbitrator acted impartially. Single arbitrator panels consist of a “public arbitrator”, unless the parties agree in writing to use a non-public arbitrator.