Arkansas Arbitration Submission Agreement
Description
How to fill out Arbitration Submission Agreement?
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FAQ
First, any valid arbitration agreement must reflect the conscious, mutual and free will of the parties to resort to arbitration and not to other means of dispute resolution, including State courts. The consent of both parties to submit their dispute to arbitration is the cornerstone of arbitration.
In the submission agreement, the parties agree to submit only a specific dispute to arbitration. They can do so at the time the dispute arises, while the parties are engaged in negotiations for a resolution, or even if the dispute is already being actively litigated in court.
An arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process.
The arbitration agreement is valid only if signed by parties with full civil act capacity, and such parties must be competent, specifically: (i) A person with full civil act capacity is at least 18 years old and does not lose or limit her/his civil act capacity or difficulties in perception, mastery of acts.
First, any valid arbitration agreement must reflect the conscious, mutual and free will of the parties to resort to arbitration and not to other means of dispute resolution, including State courts. The consent of both parties to submit their dispute to arbitration is the cornerstone of arbitration.
We noted that arbitration clauses are made before any dispute arises. Submission agreements, however, are agreements to arbitrate made after the dispute has arisen.
Section 7(1) envisages an 'arbitration agreement' as agreement to submit disputes to arbitration. Hence there is an implied requirement that the parties must be competent to contract. An arbitration agreement must be in writing, but no special form has been prescribed for it.
A Submission Agreement is a post-dispute agreement to resolve an existing dispute through arbitration.
What is binding arbitration? Binding arbitration involves the submission of a dispute to a neutral party who hears the case and makes a decision. Arbitration takes the place of a trial before a judge or jury.
A submission agreement provides for the referral of disputes for resolution by arbitration. A submission agreement maybe used in circumstances where the parties have not previously included a dispute resolution clause in their contract and/or it may be used to supersede and replace prior dispute resolution agreements.