New Jersey Voluntary Binding Arbitration Program Application
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How to fill out New Jersey Voluntary Binding Arbitration Program Application?
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FAQ
Arbitration is becoming more costly as more entrenched and more experienced lawyers take up the cause.Still, resolving a case through arbitration is usually far less costly than proceeding through litigation because the process is quicker and generally less complicated than a court proceeding. Faster than litigation.
Help to Expedite the Hearing Schedule. Consider Alternate Methods to Expedite the Entire Arbitration Process. Make It Easy for the Arbitrator to Follow Your Case. Don't Waste Your Opening Statement. Expose Your Smoking Gun. Define the Award. Keep It Professional.
Arbitrators must complete at least three classroom hours of initial training and at least two hours of continuing training in courses approved by the Administrative Office of the Courts. R. -12(c). A copy of the application form to become an arbitrator appears in the Appendix.
Arbitrator fees normally range from about $1000 per day (per diem) to $2000 per day, usually depending upon the arbitrator's experience and the geographic area in which he or she practices.
The arbitration process may be either binding or non-binding. When arbitration is binding, the decision is final, can be enforced by a court, and can only be appealed on very narrow grounds. When arbitration is non-binding, the arbitrator's award is advisory and can be final only if accepted by the parties.
Aspiring arbitrators should expect to spend several years practicing law or working in a business, government agency or other organization. The amount of experience required varies widely. Applicants for arbitration rosters and panels could need anywhere from 5-15 years of related work experience.
Arbitrator's fees may be $400-$700 per hour and total tens of thousands of dollars or more. The arbitration administrator, e.g., the American Arbitration Association, usually also charges substantial administrative fees. The AAA's fees currently range from $1,550 to $82,500 depending on the amount in controversy.
The Indian law does not lay down any specific qualifications for arbitrators. Every person who is of age and of sound mind can be appointed as an arbitrator. Arbitral institutions include in their panel a wide range of experts drawn from various professions, trade and business.
Many Arbitrators, Mediators, and Conciliators positions require a degree appropriate to the applicant's field of expertise, and a bachelor's degree is often sufficient. Many other positions, however, may require applicants to have a law degree, a master's in business administration, or other advanced degree.