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: Understanding Virginia Submission to Arbitration of Dispute between Building Construction Contractor and Owner Introduction: Virginia Submission to Arbitration is a legal process that offers an alternative to resolving construction disputes between building construction contractors and owners. This article provides a detailed description of the Virginia Submission to Arbitration process, its benefits, types, and the key parties involved. Keywords: — Virginia Submissioarbitrationio— - Dispute resolution — Building constructiocontractto— - Owner — Construction disputes - Legaprocesses— - Alternative dispute resolution 1. Overview of Virginia Submission to Arbitration: Virginia Submission to Arbitration refers to a legal procedure where building construction disputes are resolved outside of court through a neutral third party, known as an arbitrator. This process is widely recognized and ensures a faster, cost-effective, and efficient resolution. 2. Benefits of Virginia Submission to Arbitration: — Speedy Resolution: Arbitration allows parties to avoid lengthy court proceedings, providing a faster resolution to their disputes. — Cost-Effectiveness: Compared to litigation, arbitration tends to be less expensive as it avoids court fees, extensive legal procedures, and associated expenses. — Confidentiality: Arbitration proceedings can be conducted privately, ensuring that sensitive information related to the dispute is kept confidential. — Expertise: Parties involved in the arbitration process can choose arbitrators with industry-specific knowledge, ensuring expertise in understanding complex construction matters. 3. Types of Virginia Submission to Arbitration: a. Contractual Arbitration: This type of arbitration arises when the building construction contract includes a clause mandating arbitration for dispute resolution. Parties commit to resolving their disputes through arbitration, making it legally binding. b. Voluntary Arbitration: In situations where both the contractor and owner mutually agree to proceed with arbitration, this type of submission is considered voluntary. It does not necessarily stem from a contractual obligation. 4. Parties Involved: a. Building Construction Contractor: The contractor, responsible for carrying out the construction work, agrees to submit to arbitration as per the construction contract or mutual agreement terms. b. Owner: The party who owns the building or construction project, requiring dispute resolution with the contractor, agrees to participate in the arbitration process. c. Arbitrator: A neutral third-party, often an expert in construction law or industry, who facilitates the arbitration proceedings. Arbitrators ensure fairness and impartiality while rendering a binding decision on the dispute. Conclusion: Virginia Submission to Arbitration provides an effective resolution process for construction disputes between building construction contractors and owners, offering a quicker and cost-effective alternative to litigation. By embracing arbitration, parties can achieve a fair resolution while avoiding lengthy court procedures. Whether through contractual or voluntary arbitration, this process promotes expertise, confidentiality, and efficient resolution for all involved parties.
