The NJCU School of Business Institute for Dispute Resolution (IDR) played a major role in affecting public policy through advocacy efforts for legislation signed into law last week by Governor Christie. The legislation will make New Jersey a hub for global business mediations and significantly increase global trade in the state.
The New Jersey International Arbitration, Mediation, and Conciliation Act, which had strong bi-partisan support in both the New Jersey Assembly and the New Jersey State Senate, is an enforcement mediation settlement agreement statue. The act will assist and expand business usage of mediation by creating certainty in enforcement, permitting parties under New Jersey Law to convert their settlement agreements into arbitrable awards.
The act will permit designated nonprofit entities in New Jersey to accomplish international arbitration, mediation, and conciliation through alternative centers that facilitate the resolution of international business and trade disputes. New Jersey is among 10 states that have passed similar legislation.
David S. Weiss, Esq., director of the NJCU School of Business IDR, commented on the new Act, saying, “The passage of this legislation will have significant international impact on the legal and business sectors of our State, and bring enormous economic benefits as well. The NJCU’s IDR is proud to have helped bring about the enactment of this far-reaching public policy.”
The NJCU School of Business IDR promotes negotiation and mediation in domestic or international business and commerce, and encourages the use of negotiation and mediation among business and law students. The Institute also facilitates exchange between professionals in the field of dispute resolution, enhances networking opportunity for students with professionals and experts, and encourages the exchange of best practice and new techniques of mediation and negotiation.