NC H772

Amends Article 45B of Chapter 1 of the North Carolina General Statutes regarding international commercial arbitration and conciliation procedures.

Replaces references to "superior court" with "court" and clarifies that arbitration agreements and communications must be made "in a record" rather than just in writing.

Creates new disclosure requirements for arbitrators before accepting appointment, requiring disclosure of facts that could affect impartiality, with failure to disclose potentially grounds for vacating an award under G.S. 1-567.64.

Adds provisions allowing courts to consolidate separate arbitration proceedings if claims arise from the same transaction and establishes procedures for court-ordered arbitration rules when parties cannot agree.

Permits arbitral tribunals to award punitive damages or exemplary relief if the arbitration agreement provides for it and the award is authorized by law for the underlying claim.

Effective October 1, 2017, for agreements entered into, renewed, or modified on or after that date.