Arbitration has been praised and reviled because, it is said, arbitrators are not supposed to be bound by the law. In ruling that arbitration awards cannot be vacated because of mistakes of fact or law, our state Supreme Court has said that "'[a]rbitrators, unless specifically required to act in conformity with rules of law, may base their decision upon broad principles of justice and equity, and in doing so may expressly or impliedly ...
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