Arbitration Fairness Act of 2002

Arbitration Fairness Act of 2002 - Requires a contract containing an arbitration clause, in order to be binding on the parties, to: (1) have a heading "ARBITRATION CLAUSE" printed in bold, capital letters; (2) state explicitly whether participation in arbitration is mandatory or optional; (3) identify a source that a consumer or employee can contact for additional information concerning the arbitration program; and (4) provide notice that all parties retain the right to resolve a dispute in a small claims court for a claim of less than or equal to $50,000.

Entitles each party under arbitration to: (1) a competent, neutral arbitrator and independent, neutral administration of the dispute; (2) representation by an attorney or other representative at such party's expense; (3) a fair arbitration hearing; (4) a face-to-face hearing; (5) the right to present evidence and cross examine witnesses; (6) a written explanation of the basis for the arbitrator's decision; and (7) the right to opt out of binding arbitration and into the small claims court (except where a complaint in small claims court is subsequently amended to exceed the lesser of the jurisdictional amount or a claim for $50,000 in total damages). Sets forth provisions governing the filing and resolution of assertions by any party that he or she was denied any of such rights by the other party or the arbitrator.