A submission agreement is a contract in which the parties agree to submit a particular existing controversy to arbitration and to abide by the award of the arbitrator or arbitration panel. The agreement is governed by the rules applicable to contracts generally, and consideration is supplied by the mutual covenants of the parties to be bound by the award rendered.
Colorado Submission to Arbitration of Dispute between Building Construction Contractor and Owner is a legal process aimed at resolving conflicts and disputes that may arise between building construction contractors and owners within the state of Colorado. Arbitration is a form of alternative dispute resolution (ADR) where the parties involved voluntarily agree to have a neutral third-party, known as an arbitrator, decide the outcome of the dispute. In Colorado, there are various types of arbitration submissions related to disputes between building construction contractors and owners. These include: 1. Binding Arbitration: Binding arbitration occurs when both the contractor and the owner agree to be bound by the decision made by the arbitrator. The decision reached in binding arbitration is final and cannot be appealed in court, except in limited circumstances. 2. Non-binding Arbitration: Non-binding arbitration is a less formal process where the arbitrator's decision is considered advisory. It serves as a recommendation that may help the parties reach a settlement agreement. However, either party is able to reject the arbitrator's decision and pursue further legal action in court if they are unsatisfied. 3. Construction Arbitration: Construction arbitration specifically refers to disputes that arise within the context of building construction projects. It covers a wide variety of disagreements, including issues related to design defects, construction delays, payment disputes, change orders, breach of contract, and more. 4. Statutory Arbitration: Statutory arbitration refers to arbitration processes outlined or mandated by specific statutes or laws within the state of Colorado. These laws specify the requirements for arbitration agreements, the selection of arbitrators, procedural rules, and other pertinent aspects. 5. American Arbitration Association (AAA) Arbitration: The American Arbitration Association is a renowned organization that provides services for the resolution of various types of disputes. It offers arbitration services specific to construction disputes, allowing parties to submit their disagreements to trained arbitrators knowledgeable in construction law and regulations. In conclusion, the Colorado Submission to Arbitration of Dispute between Building Construction Contractor and Owner is a formalized process that provides an alternative and expedited means of resolving conflicts within the construction industry. This allows the parties involved to potentially avoid costly and lengthy court litigation while obtaining a legally binding resolution. Whether through binding or non-binding arbitration, construction-related disputes can be efficiently addressed, providing a fair and equitable outcome for all parties involved.
