New York law is a great boon when it comes to private arbitration. The law is well-developed (and in fact served as the basis for the Federal Arbitration Act); New York is home to a plethora of experienced professional arbitrators and arbitration centers; and the enforcement process for arbitration awards in the state courts is well established. Something else that sets New York law apart is that punitive damages are not allowed in private arbitration. Punitive damages are those designed to punish a party for its conduct or deter a party (and others) from wrongfully acting in the future, rather than compensate an injured party for the othe…
