Congress enacted the Federal Arbitration Act in 1925 to promote the use of arbitration agreements and to make arbitration a more viable option for 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 that mandates arbitration of disputes under federal law is enforceable when specifically incorporated into a contract. The Federal Arbitration Act provides for arbitration in commercial transactions involving interstate or foreign commerce. If your transaction involves interstate commerce or is a maritime transaction, and you mandate arbitration, the arbitration will be enforced in either state or federal court.
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.
Fredrick P. Niemann Esq.
After reading this site, hopefully, you now see why having an experienced arbitration law attorney is so important, especially when drafting an arbitration provision for your contract. If you require advice on a Federal arbitration matter, contact NJ arbitration attorney Fredrick P. Niemann, Esq. at (732) 863-9900 or email him at fniemann@hnlawfirm.com.