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In 1925, Congress passed a law called the Federal Arbitration Act (FAA).

The FAA provides for contractually based compulsory and binding arbitration, resulting in an arbitration award decided by an arbitrator or arbitration panel as opposed to a judgment entered by a court of law. In arbitration, the parties give up the right to an appeal on substantive grounds to a court. The Act was originally intended as an option for dispute resolution between businesses.