In the early part of 2017, a new law was passed by the New Jersey State Legislature without much fanfare and virtually none of the political wrangling that often accompanies actions in Trenton. In fact, it had broad bipartisan support and passed by a vote of 33−0 in the New Jersey Senate. Titled the New Jersey International Arbitration, Mediation and Conciliation Act, N.J.S.A. 2A:23E-1 et seq., it became effective on May 7.
The act provides for establishment of alternative dispute resolution centers to administer various modalities of settlement, with the aim of converting a mediated settlement into a consent arbitral award enforceable either in a U.S. court or abroad in one of the more than 150 signatory countries to the New York Convention, which has been the primary vehicle for enforcement of international arbitration awards. Arbitration, however, has come into increasing disfavor as it has grown more costly and time-consuming.
