New Jersey Report And Award Of Arbitrator(s)
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FAQ
A typical reasoned award will contain five elements: (1) an opening, (2) a summary of issues, questions, claims and defenses, (3) a statement of facts, (4) a discussion, analysis and application of relevant facts and law if necessary, and (5) a disposition of the issues, questions, claims and defenses.
The proper method for seeking to enforce an arbitration award under the Federal Act is to file a motion for confirmation in the appropriate court. That court must grant the motion and enter judgment on the confirmation order unless the opposing party files a timely motion to vacate, modify, or correct the award.
The arbitrator's final decision on the case is called the award. This is like a judge's or jury's decision in a court case.Instead, if a party wins in the arbitration and the other party does not do what the award says, the winning party may go to court to confirm the arbitration award.
An arbitration award is the award granted by the arbitrator in their decision. This award can be money one party has to pay to the other party. It can also be a non-financial award, such as stopping a certain business practice or adding an employment incentive.
Depending on the rules and the parties' arbitration agreement, the date the award must be given to the parties may differ, but it is usually between 14 and 30 days from the close of hearings.