Final answer:
An arbitration panel must consist of impartial and independent members agreed upon by both parties in a dispute. These members should be competent and ethical and often include experts in the relevant field. The panel's decisions are usually binding, offering an efficient alternative to court trials.
Step-by-step explanation:
An arbitration panel is typically made up of one or more individuals who are selected to resolve a dispute outside of the court system. These individuals should be impartial and independent, and both parties involved in the arbitration generally agree upon the members of the panel. Moreover, they should have the competence and ethical standing necessary to deliberate on the issues at hand.
Just as a jury must be impartial as required by the Sixth Amendment, an arbitration panel should also be free from any bias or interest in the outcome of the dispute. It's not uncommon for an arbitration panel to consist of experts in the relevant field of the dispute. The members must be able to assess the evidence or testimonies presented and make a judgment based partly on whether the information reflects the consensus among other experts in the field, and if there's no reason to suspect bias.
Decisions made by an arbitration panel are typically binding and can be an efficient way to resolve disputes without the need for a lengthy and costly court trial. The composition of the panel is crucial to ensure a fair and just resolution, reflecting the principles that no person should be a judge in their own cause and that the decision-makers should not have a stake in the outcome.