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.
Virgin Islands Submission to Arbitration is a legal process designed to resolve disputes between building construction contractors and owners in the Virgin Islands. This alternative dispute resolution method provides an efficient and cost-effective way to settle conflicts outside traditional litigation. Arbitration, as the chosen method of resolving construction disputes in the Virgin Islands, offers several types, each with its own characteristics and suitability, depending on the specific needs and circumstances of the parties involved. These types include: 1. Binding Arbitration: This type of arbitration results in a decision that is final and binding for both parties. Once the arbitrator has rendered a decision, the parties are legally obligated to abide by it. 2. Non-Binding Arbitration: Non-binding arbitration, as the name suggests, does not produce a legally binding decision. While the arbitrator may recommend a resolution, the parties are not obligated to accept it and may pursue litigation if they are unsatisfied. 3. Statutory Arbitration: In some instances, the Virgin Islands may have specific laws or statutes governing the arbitration process. Statutory arbitration refers to the arbitration procedures outlined in these laws and must be followed accordingly. 4. Institutional Arbitration: This form of arbitration involves utilizing the services of a recognized arbitration institution, such as the Virgin Islands Arbitration Center. These institutions provide rules, guidelines, and administrative support throughout the arbitration process, ensuring fairness and efficiency. When submitting a dispute to arbitration in the Virgin Islands, the involved parties must adhere to certain procedures. Firstly, they must select a neutral arbitrator or a panel of arbitrators who will preside over the case. The arbitrator(s) should ideally have expertise or experience in construction law to ensure a fair and knowledgeable decision. Once the arbitrator(s) is appointed, the parties present their case, providing evidence and arguments to support their positions. The arbitration process typically entails hearings where both parties can present their witnesses and experts, cross-examine the opposing side, and submit relevant documents. After considering all the information and arguments presented, the arbitrator(s) will render a decision. In binding arbitration, this decision is final and legally enforceable. In non-binding arbitration, parties may choose either to accept the decision voluntarily or proceed to litigation. Arbitration in the Virgin Islands provides a more expedited and private resolution process compared to the public court system. It allows for a tailored solution to construction disputes and offers an opportunity for the parties to be actively involved in the resolution of their conflict. By opting for arbitration, construction contractors and owners can save time, costs, and maintain a productive working relationship.
