Whatever the reason for choosing arbitration, arbitrators perform a very important function. While, unlike judges, they are private appointees, they are like judges in that they have a duty to act judicially – and this very important duty is not merely owed to the parties to the arbitration, but it is also, I would suggest, owed to the public. When performing their function, arbitrators are participating in the rule of law: they are giving effect to the parties’ contract in accordance with substantive and procedural legal principles…
– Lord Neuberger, 2013