What is the process for submitting an award to a court following a securities arbitration?
In North Carolina, after the parties involved in a securities arbitration case reach a settlement, the award needs to be submitted to a court for enforcement. To do so, the arbitration award must be signed by the arbitrator or arbitrators and must include the award amount, a detailed description of the issues in the case, and the reasons for the decision. The award should then be filed with a court clerk in the county where the arbitration took place. Depending on the size and complexity of the case, the filing fee might be between $20 and $50. Once the court has received the award, the parties involved in the case must be notified that the award is being enforced. This is typically done through a process known as a “motion to confirm”, where the court will officially enter the order. After this is done, the parties must abide by the terms of the award, as it is now legally binding. If the parties fail to comply with the award, there are various legal remedies that can be taken. For instance, the court may issue a writ of execution which enables a sheriff to seize goods or assets in order to satisfy the judgment. If a party is found to be in contempt of court, the court can order certain penalties, such as fines or jail time. In summary, submitting an award to a court in North Carolina following a securities arbitration involves filing the award with a court clerk, being notified of the confirmation, and then abiding by the terms of the award. If there is failure to comply, legal remedies can be taken to enforce the award.
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