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.
Guam Submission to Arbitration of Dispute between Building Construction Contractor and Owner
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Table of Contents 1- Domestic Arbitration. 2- International Arbitration. 4- Institutional Arbitration. 5- Ad-Hoc Arbitration. 6- Fast Track Arbitration. 7- Contractual Arbitration. 8- Statutory Arbitration. 9- Foreign Arbitration.
Construction disputes are disagreements or conflicts between stakeholders of a construction project.
Many of these construction disputes are resolved through arbitration, which is a process by which the parties in dispute, instead of going to court to resolve the matter, agree to submit their case to a third-party neutral, known as the arbitrator, who acts as a judge and jury.
Arbitration is an important form of alternative dispute resolution used in the construction industry. Many construction disputes involve aspects that may make them challenging to litigate before US or foreign courts, including: Many individual claims. Voluminous evidence and documents.
There are many advantages to choosing arbitration as the form of binding dispute resolution in construction contracts. If executed as intended, arbitration can be less expensive, quicker, and more efficient than other forms of dispute resolution, like litigation.
Arbitrators are usually attorneys, business professionals, or retired judges with expertise in a particular field. As impartial third parties, they hear and decide disputes between opposing parties. Arbitrators may work alone or in a panel with other arbitrators.
Arbitrators are responsible for settling disputes between two parties and coming to a fair decision. They play a crucial role in the justice system as they encourage communication between both parties to ensure that both claimants receive equal treatment.