Arbitration Commercial and Industry-Specific Arbitration

Question 1

What is FINRA arbitration primarily used for in the US financial industry?

Accepted Answer

Resolving disputes between investors and broker-dealers or between industry parties

Answer

Resolving disputes between banks over interbank lending rates

Answer

Arbitrating corporate merger disputes

Answer

Resolving insurance coverage disputes

Question 2

What is 'construction arbitration' commonly used to resolve?

Accepted Answer

Disputes over design defects, delays, payment, and change orders in construction projects

Answer

Zoning disputes with local municipalities

Answer

Environmental compliance violations on job sites

Answer

OSHA safety citation appeals

Question 3

In US labor arbitration under collective bargaining agreements, what is a 'grievance arbitration'?

Accepted Answer

Arbitration to resolve a union member's claim that the employer violated the collective bargaining agreement

Answer

A proceeding to negotiate new contract terms

Answer

Arbitration between two competing unions

Answer

A proceeding before the National Labor Relations Board

Question 4

Which federal statute governs labor arbitration arising from collective bargaining agreements in the US?

Accepted Answer

Labor Management Relations Act (LMRA) Section 301

Answer

Federal Arbitration Act

Answer

National Labor Relations Act

Answer

Railway Labor Act only

Question 5

What type of arbitration clause is common in consumer financial service agreements and has faced significant scrutiny?

Accepted Answer

Mandatory pre-dispute arbitration with class action waivers

Answer

Ad hoc arbitration with full discovery rights

Answer

Voluntary post-dispute arbitration

Answer

Government-administered arbitration

Question 6

What is 'sports arbitration' and which body is considered the supreme court for international sports disputes?

Accepted Answer

Court of Arbitration for Sport (CAS) — resolves international sports disputes including Olympic and anti-doping cases

Answer

WADA arbitration — resolves doping violations in US professional leagues

Answer

IOC Arbitration Panel — handles only Olympic Games disputes

Answer

FIFA Dispute Resolution Chamber — handles all global sports matters