The Institute for Dispute Resolution gave its first presentation on New Jersey’s new International Arbitration, Mediation and Conciliation Act to the Morristown-based law firm of Riker Danzig Scherer Hyland & Perretti LLP. The Act, which had strong bipartisan support in both the New Jersey Assembly and the New Jersey Senate, went into effect on Sunday, May 7, 2017.
According to Professor David S. Weiss, founder and director of the Institute for Dispute Resolution (IDR), New Jersey City University – School of Business, “It is very rewarding to see this Act come into fruition, making New Jersey one of just a handful of states with such a tool for expanding the use of mediation by businesses. We expect it will have an enormous international impact on the legal and business sectors of our state, and bring significant economic benefits, as well.”
Professor Weiss, who was recently honored with the New Jersey State Bar Association’s James A. Boskey Award for his contributions to mediation in New Jersey, led a panel in providing a brief overview of the law, the intent and how it will be executed upon to provide an enforcement mechanism for parties and their advisors when seeking to use mediation as a means of settlement of disputes with an international nexus to one of the parties where enforcement is sought.
Joining Professor Weiss on the panel was Laura A. Kaster, Esq., a Fellow of the College of Commercial Arbitrators and a previous Boskey Award honoree, as well as Professor Karen Desoto, co-director and co-founder of the IDR.
The panelists stressed the benefits of the Act, in providing hybrid and cost-effective solutions to businesses for resolving disputes. The Act makes consent awards enforceable under the New York Convention in over 157 countries worldwide.
Weiss commented, “We were excited to present the Act at Riker Danzig, whose attorneys were eager to gain insight into how this Act will provide attractive options for their clients, and discuss the launch of the Global Mediation Exchange Center (GMXC) a non-profit organization based in Jersey City, New Jersey as the first center/hub for mediation established under the new law.”Related Articles: