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.
Virginia Submission to Arbitration of Dispute between Building Construction Contractor and Owner
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US-02640BG
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How to fill out Submission To Arbitration Of Dispute Between Building Construction Contractor And Owner?
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FAQ
The arbitration clause should be simple and straightforward in identifying the scope of matters the parties agree to arbitrate, any applicable arbitration rules, and the institution (if any) administering the arbitration. Parties may also agree in advance to the number of arbitrators.
Arbitration is a form of alternative dispute resolution (ADR) that provides a final solution to a construction dispute. Arbitration is private, with the aim to resolve disputes fairly, keeping costs and delays to a minimum.
Arbitration agreements require that persons who signed them resolve any disputes by binding arbitration, rather than in court before a judge and/or jury. What is binding arbitration? Binding arbitration involves the submission of a dispute to a neutral party who hears the case and makes a decision.
Cons: Arbitration can be more expensive and time-consuming than litigation, especially if the parties choose a complex and formal procedure, involve multiple arbitrators, or face multiple challenges or appeals.
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.