I read a very interesting article by Robin Bandar at Clyde & Co entitled "Is there a process for challenging awards seated in England and Wales in the courts of this jurisdiction?"
Robin sets out clearly different aspects of the challenge / appeals process and you can read his full article here.
As the operators of the UKs largest arbitration scheme - Travel Arbitration - we have an additional process built in to the scheme itself. It allows a party to appeal the award "...if any party considers that the Award is one which no Arbitrator should have reasonably made on the basis of the documents presented by the parties..."
As you would expect, the cost is significantly lower than the £100,000 quoted by Robin - at just £420 - and the parties retain the right to challenge / appeal the Award in the courts once the internal appeals process has been completed.
This demonstrates how arbitration can be used flexibly to meet the needs of its users. It is a much more powerful tool than many give it credit for.