The proceedings will end with either closing arguments or closing briefs, which are written and submitted. The panel will take an agreed-upon amount of time — it could be weeks or months — to make a decision.
“Once they read everything and come to their own conclusions, they have a meeting and then they hash out what they think the decision should be,” Remele said. “It can be 2-1, it can be unanimous. As panel members, you really try to get consensus. That is the whole idea. But sometimes that’s not possible.”
There will be no gray area in the decision. The arbitrators will say whether Lore and Rodriguez failed to execute the purchase agreement or if Taylor erred in canceling the sale.
“Arbitration awards are virtually unappealable,” said Terrence Fleming, a lawyer at Fredrikson who specializes in business litigation. Fleming said, as a practical matter, whatever the panel decides will be final.
“It’s typically very simple and there is no explanation behind it,” Fleming said. “I would guess in a case like this that both parties would request a reasoned award in which they lay out in detail how they came about to their decision.”
Egregious examples of fraud or bias — for instance if one of the arbitrators didn’t disclose their relationship with either party — could be grounds for appeal, but both Remele and Flemming said it’s extremely rare.
