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.
Maryland Submission to Arbitration of Dispute between Building Construction Contractor and Owner is a legal process that offers an alternative means to resolve disputes between these two parties in the construction industry. When conflicts arise during a construction project, the contractor and owner can choose to submit their dispute to an arbitration proceeding in order to reach a resolution. Arbitration is a form of dispute resolution that is less formal and time-consuming than traditional litigation. It involves the appointment of a neutral third-party arbitrator or a panel of arbitrators who review the evidence and arguments presented by both parties. The arbitrator(s) then make a binding decision, known as an arbitral award, which resolves the dispute. In Maryland, there are several types of submission to arbitration available for building construction contractor and owner disputes. These include: 1. Voluntary Arbitration: This occurs when both the contractor and owner voluntarily agree to submit their dispute to arbitration instead of pursuing litigation. The agreement to arbitrate may be included in the original construction contract or may be established through a separate arbitration agreement. 2. Mandatory Arbitration: In some cases, the parties may be required by law or by the terms of their contract to resolve disputes through arbitration instead of going to court. This can often be the result of a clause included in the construction contract, known as a mandatory arbitration clause. 3. Contractual Arbitration: This refers to arbitration that is specifically outlined in the contract between the contractor and owner. The contract will typically contain the details of the arbitration process, including the rules and procedures to be followed, the selection of arbitrators, and the venue where the arbitration will take place. 4. Statutory Arbitration: In Maryland, there may be specific statutes or laws that require or provide for arbitration in certain construction disputes. These statutes outline the conditions under which arbitration is mandatory or the parties have an option to arbitrate. By opting for arbitration, both the building construction contractor and the owner can benefit from a quicker and more cost-effective resolution compared to traditional litigation. Arbitration offers confidentiality, flexibility in the choice of arbitrators, and a streamlined process that can often expedite the resolution of disputes. In conclusion, Maryland Submission to Arbitration of Dispute between Building Construction Contractor and Owner provides a structured and efficient alternative to litigation for resolving disputes in the construction industry. It offers various types of arbitration, such as voluntary, mandatory, contractual, and statutory, each with its own set of rules and procedures. Choosing arbitration allows parties to achieve a binding resolution and avoid lengthy court proceedings while maintaining control over the process.Maryland Submission to Arbitration of Dispute between Building Construction Contractor and Owner is a legal process that offers an alternative means to resolve disputes between these two parties in the construction industry. When conflicts arise during a construction project, the contractor and owner can choose to submit their dispute to an arbitration proceeding in order to reach a resolution. Arbitration is a form of dispute resolution that is less formal and time-consuming than traditional litigation. It involves the appointment of a neutral third-party arbitrator or a panel of arbitrators who review the evidence and arguments presented by both parties. The arbitrator(s) then make a binding decision, known as an arbitral award, which resolves the dispute. In Maryland, there are several types of submission to arbitration available for building construction contractor and owner disputes. These include: 1. Voluntary Arbitration: This occurs when both the contractor and owner voluntarily agree to submit their dispute to arbitration instead of pursuing litigation. The agreement to arbitrate may be included in the original construction contract or may be established through a separate arbitration agreement. 2. Mandatory Arbitration: In some cases, the parties may be required by law or by the terms of their contract to resolve disputes through arbitration instead of going to court. This can often be the result of a clause included in the construction contract, known as a mandatory arbitration clause. 3. Contractual Arbitration: This refers to arbitration that is specifically outlined in the contract between the contractor and owner. The contract will typically contain the details of the arbitration process, including the rules and procedures to be followed, the selection of arbitrators, and the venue where the arbitration will take place. 4. Statutory Arbitration: In Maryland, there may be specific statutes or laws that require or provide for arbitration in certain construction disputes. These statutes outline the conditions under which arbitration is mandatory or the parties have an option to arbitrate. By opting for arbitration, both the building construction contractor and the owner can benefit from a quicker and more cost-effective resolution compared to traditional litigation. Arbitration offers confidentiality, flexibility in the choice of arbitrators, and a streamlined process that can often expedite the resolution of disputes. In conclusion, Maryland Submission to Arbitration of Dispute between Building Construction Contractor and Owner provides a structured and efficient alternative to litigation for resolving disputes in the construction industry. It offers various types of arbitration, such as voluntary, mandatory, contractual, and statutory, each with its own set of rules and procedures. Choosing arbitration allows parties to achieve a binding resolution and avoid lengthy court proceedings while maintaining control over the process.
