Gov. Chris Christie has signed the “New Jersey International Arbitration, Mediation, and Conciliation Act” into law, simplifying the international arbitration process for businesses that set up shop in New Jersey.
NJBIA supports the bill. Arbitration is an effective way to resolve disputes, especially those that cross national borders. It is generally faster and less expensive than litigation.
The law establishes international arbitration centers to facilitate the resolution of international business, trade, commercial, and other disputes between persons by means of arbitration, conciliation, mediation, or other means of alternatives to litigation. Having the statutory mechanism for international arbitration will help New Jersey to attract more companies that do business overseas as well as bolster existing companies that export their products and services from here.