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Lawrence: The moderators don't have to fact check. Just have a group in the background who do the fact checking on both candidates, and post any corrections on screens where the candidates, moderator and audience can see the truth. This allows real-time corrections, available to everyone, which doesn't require any additional work by the moderator; they don't even have to acknowledge the corrections, since everyone can see the corrections. If you think you can't find unbiased fact checkers, to be "fair" you could have each candidate fact checked by the other side's people, though this might end up in fact-check wars, with each side fact checking the fact checking of the other team as well as the candidate's statements; it might be amusing, though.