Fairness and Voluntary Arbitration Act of 1996

Fairness and Voluntary Arbitration Act of 1996 - Requires each party to a sales and service contract that provides for the use of arbitration in resolving controversies to have the option to reject arbitration as the means of settling a controversy.

Requires the arbitrator, whenever arbitration is elected to settle a dispute under such a contract, to provide the parties with a written explanation of the factual and legal basis for the award.