Criteria for overturning arbitration decisions

The award was procured by corruption, fraud, or undue means.

There was evident partiality or corruption in the arbitrators.

The arbitrators were guilty of misconduct in refusing to postpone the hearing, even in light of 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.

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.

The arbitrators disregarded a clearly defined law or legal principle applicable to the case before them (manifest disregard of the law).

There is no factual or reasonable basis for the award (complete irrationality).

Source: Federal Arbitration Act