The New Jersey Voluntary Binding Arbitration Program Consent Form is a document used in New Jersey to settle disputes outside of court through binding arbitration. This form is used when parties agree to voluntarily submit a dispute to binding arbitration, which is a process in which an impartial third party reviews the case and makes a decision that is binding on both parties. There are three types of New Jersey Voluntary Binding Arbitration Program Consent Forms: * Consent to Arbitrate: This form is used when both parties agree to submit a dispute to binding arbitration. * Consent to Institute Mediation-Arbitration: This form is used when both parties agree to submit a dispute to mediation-arbitration, which is a process in which a mediator attempts to facilitate a voluntary settlement agreement. If a settlement is not reached, the mediator then becomes the arbitrator and makes a decision that is binding on both parties. * Arbitration Award and Final Settlement Agreement: This form is used to document the decision of an arbitrator and the parties’ agreement to abide by the decision.
New Jersey Voluntary Binding Arbitration Program Consent Form
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FAQ
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.
(3) within 50 days after the filing of the arbitration award, any party moves for confirmation of the arbitration award and entry of judgment thereon. The judgment of confirmation shall include prejudgment interest pursuant to R. -11(b).
Here is a summary of the process: The parties file a written consent form that submits the case to binding arbitration. The parties must also submit a consent order of dismissal with prejudice.The case is then presented to a panel of two arbitrators whom the parties have selected.
The winning party can petition the Superior Court of New Jersey to confirm the arbitration award. Confirming the arbitration award is the substantial equivalent of filing a civil judgment against a losing party.