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Arbitration Act (Act) is a federal statute that provides for the submission of disputes to arbitration. The Act was enacted in 1952. The Act facilitates private dispute resolution through arbitration and provides for contractually-based compulsory and binding arbitration. The Act authorizes an arbitrator to grant an arbitration award and is entered by an arbitrator or arbitration panel as opposed to a judgment entered by a court of law. In arbitration, parties give up their right to appeal to a court. Once an award is entered by an arbitrator or by an arbitration panel, it must be confirmed in a court of law.[9 USCS § 9].