Arbitration is an alternative means of settling a dispute by impartial persons without proceeding to a court trial. It is sometimes preferred as a means of settling a matter in order to avoid the expense, delay, and acrimony of litigation. There is no discovery and there are simplified rules of evidence in arbitration. The arbitrator or arbitrators are selected directly by the parties or are chosen in accordance with the terms of a contract in which the parties have agreed to use a court-ordered arbitrator or an arbitrator from the American Arbitration Association. If there is no contract, usually each party chooses an arbitrator and the two arbitrators select a third to comprise the panel. When parties submit to arbitration, they agree to be bound by and comply with the arbitrators' decision. The arbitrators' decision is given after an informal proceeding where each side presents evidence and witnesses. Arbitration hearings usually last only a few hours and the opinions are not public record. Arbitration has long been used in labor, construction, and securities regulation, but is now gaining popularity in other business disputes.
South Carolina Agreement to Submit to Arbitration — General is a legally binding document used in the state of South Carolina to outline the terms and conditions for resolving disputes through arbitration. This agreement is a popular alternative to traditional court proceedings and is typically entered into voluntarily by parties involved in a legal dispute, aiming for a quicker and more cost-effective resolution. In South Carolina, there are various types of Agreement to Submit to Arbitration — General. These agreements can be categorized based on the scope of disputes covered, such as commercial arbitration agreements, employment arbitration agreements, and consumer arbitration agreements. By having specific types of agreements, parties can tailor the arbitration process to suit their particular needs and ensure a fair and efficient resolution. A South Carolina Agreement to Submit to Arbitration — General typically includes the following key components: 1. Identification of Parties: The agreement identifies the parties involved in the dispute, including their names, addresses, and contact information. This ensures that all relevant parties are bound by the terms of the agreement. 2. Arbitration Clause: This clause expressly states the intention of the parties to submit any disputes arising out of their agreement to arbitration. It outlines the specific claims and issues that will be subject to arbitration, ensuring that both parties are aware of what will be encompassed within the process. 3. Selection of Arbitrator: The agreement may provide mechanisms for selecting an independent, neutral arbitrator or a panel of arbitrators who will preside over the arbitration proceedings. The selection process may be predetermined or involve negotiation between the parties. 4. Rules and Procedures: The agreement may incorporate established arbitration rules and procedures, such as those provided by the American Arbitration Association (AAA) or other recognized arbitration institutions. These rules govern the conduct of the arbitration process, including filing procedures, timelines, and any applicable fees. 5. Governing Law: An Agreement to Submit to Arbitration — General may specify the governing law that will apply to the arbitration process. In South Carolina, this is typically South Carolina state law or the Federal Arbitration Act for disputes involving interstate commerce. 6. Confidentiality: The agreement may include provisions regarding the confidentiality of the arbitration proceedings and any related documents, ensuring that the parties' privacy is protected. 7. Enforcement of Award: The agreement outlines the parties' obligation to comply with the final arbitration award and the procedures for enforcement of the award in case of non-compliance. South Carolina Agreement to Submit to Arbitration — General offers parties the opportunity to resolve their disputes outside the traditional judicial system. It provides flexibility, efficiency, and, in some cases, a more specialized resolution process tailored to the specific nature of the dispute. By opting for arbitration, parties can save time, expenses, and maintain more control over the resolution process.
