Its Use in New Jersey Disputes
Congress enacted the Federal Arbitration Act in 1925 to promote the use of arbitration agreements and to make arbitration a more viable option to parties in the federal courts. The statutory structure of the Federal Arbitration Act is similar to that of the New Jersey Arbitration Act.
When Can the Federal Arbitration Act Be Used?
As with the New Jersey Arbitration Act, an arbitration agreement which mandates the arbitration of disputes under federal law is enforceable when it is specifically incorporated into a contract. The Federal Arbitration Act provides for arbitration in maritime disputes and commercial transactions involving interstate or foreign commerce. If your transaction involves interstate commerce or is a maritime transaction and you mandate arbitration, arbitration will be enforced in either the state or federal courts.
Judicial Review of a Federal Arbitration Decision
You have one year following the issuance of an arbitration award to confirm the award to the federal court in the district in which the award was made, unless otherwise specified in the arbitration agreement.
Having read this site, hopefully you now see why having an experienced arbitration law attorney is so important especially when drafting an arbitration provision under your contract. If you require advice on a Federal arbitration matter, contact NJ arbitration attorney Fredrick P. Niemann, Esq. at toll-free (855) 376-5291 or email him at email@example.com.