- Federal Arbitration Act
Federal Arbitration Act (FAA)USAA statute enacted in 1925 that provides the basic legal principles applicable to arbitration in the US (9 U.S.C. §§ 1-16; 201-208; 301-307). Its core principle is that arbitration agreements involving interstate or foreign commerce are enforceable. Under the FAA, an arbitrator's decision binds the parties unless the arbitration or the arbitrator was fundamentally unfair. All fifty US states and the District of Columbia have enacted arbitration laws of their own to address issues that the FAA does not address.For more information see Practice Note, Understanding the Federal Arbitration Act (www.practicallaw.com/0-500-9284).
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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