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.
Rhode Island Submission to Arbitration of Dispute between Building Construction Contractor and Owner: A Detailed Description Introduction: In Rhode Island, a Submission to Arbitration of Dispute between a Building Construction Contractor and Owner refers to the process by which parties involved in a construction project agree to resolve any disagreements or conflicts through arbitration, a form of alternative dispute resolution. This legally binding agreement allows parties to avoid the complexities, time, and costs associated with litigation by seeking a resolution through an impartial arbitrator or panel. Let's delve into the different types and key aspects of Rhode Island's Submission to Arbitration. 1. Construction Contract Arbitration: When a construction contract is initially drafted, it may include a provision for arbitration in the event of a dispute. Both the building construction contractor and owner must agree to this mechanism, establishing arbitration as the preferred method of settling conflicts. This type of Submission to Arbitration ensures that any disagreements arising from the contract's interpretation, performance, or breach are subject to arbitration, rather than litigation. 2. Dispute Resolution Board (DR) Arbitration: Some construction projects in Rhode Island may utilize a Dispute Resolution Board (DR). The DR is typically composed of independent experts appointed at the beginning of a construction project to help prevent and resolve disputes. If a conflict arises between the building construction contractor and owner, this type of Submission to Arbitration allows the DR to arbitrate the dispute based on the project's documentation, specifications, and other relevant details. 3. American Arbitration Association (AAA): The American Arbitration Association (AAA) is a widely recognized arbitration service provider that offers comprehensive rules and procedures for resolving construction disputes. Both the building construction contractor and owner can choose to submit their dispute for arbitration under AAA's Construction Industry Arbitration Rules. Parties may select a sole arbitrator or a panel of arbitrators with construction industry expertise to render a binding decision on the matter. 4. Submission Agreement Terms and Conditions: Regardless of the specific type of Rhode Island Submission to Arbitration adopted, the agreement typically includes specific terms and conditions agreed upon by both parties. These may include the identification of the arbitrator(s), the arbitrator's authority and powers, the location of the arbitration proceedings, the rules governing the arbitration process, confidentiality of proceedings, allocation of costs, and any limitations or waivers associated with appealing the arbitrator's decision. Benefits of Rhode Island Submission to Arbitration: — Expedited Resolution: Arbitration allows for a faster dispute resolution process compared to traditional litigation, minimizing project delays and associated costs. — Expertise: The ability to select arbitrators with construction-specific knowledge ensures that conflicts are resolved by professionals well-versed in industry practices. — Confidentiality: Arbitration proceedings are generally confidential, protecting sensitive project details from public exposure. — Flexibility: Parties have the freedom to tailor the arbitration process as per their needs, making it more efficient and practical for the construction industry. — Final and Binding Decision: The decision rendered by the arbitrator(s) is binding and enforceable, providing a definitive resolution to the dispute. Conclusion: Rhode Island Submission to Arbitration of Dispute between Building Construction Contractor and Owner offers an effective alternative to traditional litigation, providing parties with a faster and cost-effective means for resolving conflicts in construction projects. Whether through construction contract arbitration, DR arbitration, or utilizing the services of prominent institutions like the American Arbitration Association, the agreement ensures that disputes are resolved impartially, expediently, and with the expertise the construction industry demands.
