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.
Title: Guam Submission to Arbitration of Dispute between Building Construction Contractor and Owner Description: When it comes to resolving construction disputes in Guam, the Guam Submission to Arbitration provides a fair and efficient alternative to traditional litigation processes. This detailed description aims to explore the benefits, process, and various types of Guam Submissions to Arbitration that exist for resolving disputes between building construction contractors and owners. Keywords: Guam, Submission to Arbitration, Dispute, Building Construction, Contractor, Owner 1. Overview of Guam Submission to Arbitration: Guam Submission to Arbitration serves as a procedural guide for resolving conflicts between building construction contractors and owners in Guam. It offers a structured approach, adhering to legal requirements, that allows parties to avoid lengthy court battles while still ensuring their rights are upheld. 2. Advantages of Guam Submission to Arbitration: a) Confidentiality: Unlike public court proceedings, arbitration maintains confidentiality, safeguarding sensitive information involved in the dispute. b) Expertise: Arbitration allows parties to select arbitrators with industry expertise, ensuring decisions are made by professionals familiar with the construction field. c) Quicker Resolution: Arbitration often offers a faster resolution compared to court proceedings, saving time and resources for both parties involved. d) Flexibility: Parties have the flexibility to choose the arbitration process, rules, timings, and location, enabling them to tailor the proceedings to their specific needs. 3. The Process of Guam Submission to Arbitration: a) Initiation: Both parties consent to submit the dispute to arbitration by signing a written agreement or incorporating it into their construction contract. b) Selection of Arbitrators: Parties appoint one or multiple impartial arbitrators to hear their case, based on their qualifications and industry experience. c) Hearing: The arbitrators review evidence, listen to testimonies, and analyze submissions from both parties, conducting a fair and unbiased hearing. d) Decision: Based on the evidence and testimonies presented, the arbitrators deliver a binding decision called an arbitral award, resolving the dispute. 4. Types of Guam Submission to Arbitration: a) Mandatory Arbitration: When parties include binding arbitration clauses in their construction contracts, disputes must be resolved through arbitration as per their agreement. b) Voluntary Arbitration: Parties may agree to submit their dispute to arbitration voluntarily, without a pre-existing contractual obligation, to avoid traditional litigation. c) Institutional Arbitration: Parties may choose to resolve their dispute using an arbitration institution's rules and procedures, such as the Guam Construction Arbitration Center, to ensure a well-defined process. d) Ad Hoc Arbitration: Parties have the freedom to create their arbitration procedure from scratch, tailoring it to suit their specific dispute. In conclusion, Guam Submission to Arbitration provides an efficient and flexible method for resolving construction disputes between building construction contractors and owners in Guam. By utilizing this alternative to litigation, parties can secure a timely and fair resolution while maintaining confidentiality and leveraging industry expertise.
