Arbitrators Should Be Able To Correct Mistakes, Report Finds - Law360

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Law360 (April 15, 2021, 10:20 PM EDT) -- Arbitral institutions should adopt rules permitting arbitrators to correct errors in their final awards in certain limited circumstances to prevent costly post-award court battles that can undermine the benefits of arbitration, the New York City Bar Association's Arbitration Committee has found.

In a report released earlier this month, the committee concluded that courts are not well positioned to address the "intensely problematic" application within arbitration of a centuries-old common law doctrine known as functus officio due to rules adopted by institutional arbitration providers that restrict a court's ability to review arbitral awards.

Courts interpret functus officio — which refers to an officer...

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Arbitrators Should Be Able To Correct Mistakes, Report Finds - Law360
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