Legal Definitions - arbitration board

An arbitration board is a group of arbitrators who are appointed to hear and make a decision on a dispute based on the rules of arbitration.

For example, if two parties have a disagreement and they agree to use arbitration to resolve it, they may appoint an arbitration board to hear their case and make a decision. The decision made by the arbitration board is usually binding and cannot be appealed.

An arbitration bond is a type of performance bond that is executed by the parties involved in an arbitration.

For example, if two parties agree to use arbitration to resolve a dispute, they may be required to provide an arbitration bond to ensure that they will comply with the decision made by the arbitration board. If one party fails to comply with the decision, the other party can use the arbitration bond to recover damages.