Legal Question in Construction Law in New Jersey
Is there a certain timeframe for a monetary payout that a party must adhere to after binding arbitration has concluded that that party is at fault?
1 Answer from Attorneys
The time for payment of an arbitration award depends on the rules of the forum and the arbitrator's award. If you have an award and have not been paid, you may apply to the court to have a judgment entered on the award. After that, it is the same as collection of a judgment. You may want to check whether the rules of the forum or the contract under which the arbitration was initiated allow for the addition of attorney fees necessary to collect the award. � My firm handles matters of this type. If I can be of further help to you, call or email. � See also: http://info.corbettlaw.net/lawguru.htm