[A] party who has not agreed to arbitrate will normally have a right to a courts decision about the merits of its dispute. . . . But, where the party has agreed to arbitrate, he or she, in effect, has relinquished much of that rights practical value. The party still can ask a court to review the arbitrators decision, but the court will only set that decision aside in very unusual circumstances.
Id. at 942 (emphasis added). The Court cited section 10 of the FAA and the manifest disregard for the law standard as examples of very unusual circumstances. Id. The grounds for vacating an arbitral award pursuant to section 10 of the FAA are similar to those governing the vacatur of final judgments. See Bonar v. Dean Witter Reynolds, Inc., 835 F.2d 1378, 1383 n.8 (11th Cir. 1988); see also van Ginkel, supra note 8, at 189 (noting that vacatur grounds under section 10 of FAA and Rule 60(b) of Federal Rules of Civil Procedure are similar). Compare 9 U.S.C. � 10 (2000) (stating that award may be vacated for fraud, lack of fair hearing, or arbitrator misconduct), with Fed. R. Civ. P. 60(b) (permitting vacatur for fraud, lack of fair hearing, or in the interest of justice).
If every award must be made conformable to what would have been the judgment of [the] . . . Court in the case, it would render arbitrations useless and vexatious, and a source of great litigation; for it very rarely happens that both parties are satisfied. The decision by arbitration is the decision of a tribunal of the parties own choice and election. It is a popular, cheap, convenient, and domestic mode of trial, which the courts have always regarded with liberal indulgence; they have never exacted from these unlettered tribunals, this rusticum forum, the observance of technical rule and formality. They have only looked to see if the proceedings were honestly and fairly conducted, and if that appeared to be the case, they have uniformly and universally refused to interfere with the judgment of the arbitrators.
2 Johns Ch. at 361, quoted in MacNeil, supra note 51, at 19.
the United States court in and for the district wherein the award was made may make an order vacating the award upon the application of any party to the arbitration: (1) Where the award was procured by corruption, fraud, or undue means. (2) Where there was evident partiality or corruption in the arbitrators, or either of them. (3) Where the arbitrators were guilty of misconduct in refusing to postpone the hearing, upon sufficient cause shown, or in refusing to hear evidence pertinent and material to the controversy; or of any other misbehavior by which the rights of any party have been prejudiced. (4) Where the arbitrators exceeded their powers, or so imperfectly executed them that a mutual, final, and definite award upon the subject matter submitted was not made.
9 U.S.C. � 10.