The award has been spoken of as if it were a contract between the parties, entered into by their authorized agents, the arbitrators.1 It is true that the parties enter into arbitration through the contract of submission, and that they select arbitrators to decide the questions in dispute, but the arbitrators are not the agents of either party,2 nor are they in a proper sense the agents of both of the parties. Their position is quasi-judicial in its nature, and the award is more like a judgment than like a contract.3