Parties can mitigate risk in binding arbitration by incorporating a high-low agreement into the process. In advance of the arbitration, the parties agree to a minimum and maximum award range. The floor and ceiling are not revealed to the arbiter. The arbitrator renders a decision at the close of the hearing. If the arbiter’s award exceeds the high parameter, the award is capped at the high parameter. Likewise, if the arbitrator’s finding is below the low parameter, the defendant must pay the low parameter.
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