Colorado Arbitration Submission Agreement
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How to fill out Arbitration Submission Agreement?
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FAQ
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.
Under Section 31, unless otherwise agreed by the parties, the cost of an Arbitrator shall be fixed by the Arbitral Tribunal.
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.
For two-party matters, the Filing Fee is $1,750. For matters involving three or more parties, the filing fee is $3,000. The entire Filing Fee must be paid in full to expedite the commencement of the proceedings.
A $750 administrative fee, administration expenses, the arbitrator's fees, and expenses are payable by the employer unless the employee elects to share them (to promote neutrality or preserve the relationship with the employer), or the claim is found to be patently frivolous.
Keeping in mind that the maximum fee payable to each arbitrator is INR 30,00,000, and in case where the Arbitral Tribunal consists of a sole arbitrator, he will be entitled to an additional amount of 25% of the maximum amount i.e. INR 7,50,000 making the total fee payable to the sole arbitrator INR 37,50,000.
Arbitration can be binding (which means the participants must follow the arbitrator's decision and courts will enforce it) or nonbinding (meaning either party is free to reject the arbitrator's decision and take the dispute to court, as if the arbitration had never taken place). Binding arbitration is more common.
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.
Arbitrator fees normally range from about $1000 per day (per diem) to $2000 per day, usually depending upon the arbitrator's experience and the geographic area in which he or she practices.