Submission Agreement Meaning In Harris
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A submission agreement is a contract between two parties that establishes the use of arbitration to settle any disputes that may arise between them. This type of contract is used when the contract parties have an agreement that does not already provide arbitration as an option for dispute resolution.
To give you an idea of the process that arbitration typically involves, the American Arbitration Association describes artibtration as having five main steps: Filing and initiation. Arbitrator selection. Preliminary hearing. Information exchange and preparation. Hearings. Post hearing submissions. Award.
We noted that arbitration clauses are made before any dispute arises. Submission agreements, however, are agreements to arbitrate made after the dispute has arisen.
'An arbitration agreement is an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not. '
A submission agreement will contain details of the dispute and the issues between the parties, and record that it is being referred to arbitration.
Submission Agreement: The Submission Agreement lists the parties in the arbitration case and confirms that FINRA will administer it. It also establishes that, if the case ends with a hearing, the parties all agree to abide by the arbitrators' decisions.
: a legal agreement to submit to the decision of arbitrators.
