Section 514B-162.5 - Voluntary binding arbitration(a) Any parties permitted to mediate condominium related disputes pursuant to section 514B-161 may agree to enter into voluntary binding arbitration, which may be supported with funds from the condominium education trust fund pursuant to section 514B-71; provided that voluntary binding arbitration under this section may be supported with funds from the condominium education trust fund only after the parties have first attempted evaluative mediation.(b) Any voluntary binding arbitration entered into pursuant to this section and supported with funds from the condominium education trust fund: (1) Shall include a fee of $175 to be paid by each party to the arbitrator;(2) Shall receive no more from the fund than is appropriate under the circumstances, and in no event more than $6,000 total; and(3) May include issues and parties in addition to those identified in subsection (a); provided that a unit owner or a developer and board are parties to the arbitration at all times and the unit owner or developer and the board mutually consent in writing to the addition of the issues and parties.Amended by L 2020, c 57,§ 2, eff. 7/1/2020.Repealed by L 2018, c 196,§ 9, eff. 6/30/2023 (repeal later deleted).Added by L 2018, c 196,§ 2, eff. 1/2/2019.