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.
West 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
If you lose the case, it's very hard to challenge a decision the arbitrator has made. You can't appeal if you simply disagree with the decision. If you think the case wasn't handled properly, you should get advice about what to do next. You may be able to make an appeal to court on a point of law.
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.
Arbitration provisions are often written into commercial contracts, stating that in the event of a conflict, the parties will use arbitration to resolve their issue. These clauses can be clear-cut: both parties pledge that they will resolve disputes in front of an arbitrator and follow its rules.
Arbitration is when disputing parties submit their differences to a neutral third party professional who makes a final award for financial damages, if any. Many disputes between consumers and contractors can be resolved efficiently and in a timely manner through arbitration.
The disadvantages of arbitration Both sides give up their right to an appeal, which means one party could end up feeling slighted. If the matter is complicated but the amount of money involved is modest, the arbitrator's fee may make arbitration uneconomical.
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.
§55-10-9. If the court finds that there is an enforceable agreement to arbitrate, it shall order the parties to arbitrate. (c) If the court finds that there is no enforceable agreement, it may not, pursuant to subsection (a) or (b) of this section, order the parties to arbitrate.
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.