petition for vacatur, thereby robbing commercial arbitration of |
its finality and making the process more complicated, time |
consuming and expensive. Arbitrators would be effectively |
obliged to provide detailed conclusions of law and if the |
parties agree to judicial review for errors of fact, findings of |
fact in order to facilitate review. In order to lay the |
predicate for the appeal of unfavorable awards, transcripts |
would become the norm and counsel would be required to expend |
substantial time and energy making sure the record would support |
an appeal. Finally, the time until resolution in many cases |
would be greatly lengthened, and the prospect of proceedings |
being reopened on remand following judicial review would |
increase. |