When it comes to selecting a provider for your arbitration services, there are a few key factors to consider. Drafting an arbitration agreement is the best way to ensure that the arbitrator has the experience and qualifications you need. It's important to think about what you need from a neutral to resolve the dispute, and look for those qualities in a potential arbitrator. Depending on the type of dispute, you may want someone with technical knowledge or communication skills.
Additionally, many companies are now looking for arbitrators who promote diversity in terms of gender, ethnicity, and sexual orientation. When it comes to selecting an arbitrator, you should also consider their experience in the field. An arbitrator with subject matter experience can save you time and money in highly technical disputes. The American Arbitration Association (AAA) requires that their arbitrators handle cases fairly, quickly, and economically in accordance with their rules and codes of ethics.
They must also meet annual continuing education requirements each year. The Supreme Court has held that the Federal Arbitration Act (FAA) does not preempt the California Arbitration Act in interstate disputes where the parties have agreed that their contract will be governed by California law. FINRA also has rules in place for selecting an arbitrator, such as Rule 12400 of the Customer Code. This rule states that the available referee with the highest combined ranking in each class is designated as the referee for that class. If no arbitrator is available on the combined ranking list, FINRA will appoint a randomly selected arbitrator chosen by the Neutral List Selection System. It's important to remember that choosing an experienced and qualified arbitrator can make a big difference in facilitating your case.
If an appointed arbitrator resigns or is removed, the parties may agree to continue with the remaining two arbitrators. Ultimately, selecting the right provider for your arbitration services can help ensure that your dispute is resolved fairly and efficiently.