Arbitration is an alternative means of settling a dispute by impartial persons without proceeding to a court trial. It is sometimes preferred as a means of settling a matter in order to avoid the expense, delay, and acrimony of litigation. There is no discovery and there are simplified rules of evidence in arbitration. The arbitrator or arbitrators are selected directly by the parties or are chosen in accordance with the terms of a contract in which the parties have agreed to use a court-ordered arbitrator or an arbitrator from the American Arbitration Association. If there is no contract, usually each party chooses an arbitrator and the two arbitrators select a third to comprise the panel. When parties submit to arbitration, they agree to be bound by and comply with the arbitrators' decision. The arbitrators' decision is given after an informal proceeding where each side presents evidence and witnesses. Arbitration hearings usually last only a few hours and the opinions are not public record. Arbitration has long been used in labor, construction, and securities regulation, but is now gaining popularity in other business disputes.
Maryland Agreement to Submit to Arbitration — General is a legally binding document that outlines the parties' commitment to resolving any disputes or conflicts through arbitration rather than traditional litigation. This agreement is designed to provide a fair and efficient method of resolving legal disputes while avoiding the expenses and delays associated with court proceedings. Arbitration is a popular mode of alternative dispute resolution (ADR), wherein an impartial third party, known as the arbitrator, is appointed to hear both sides of the conflict and make a final decision. It is important to note that this agreement is specifically designed for the state of Maryland and should adhere to the applicable laws and regulations of the state. In Maryland, there are different types of Agreement to Submit to Arbitration — General, each tailored to suit the various legal matters that may arise. Some of these specific types include: 1. Employment Agreement to Submit to Arbitration — General: This type of agreement is commonly used in the employment context, where both employer and employee agree to resolve any disputes arising between them relating to employment, wage issues, wrongful termination, or other matters through arbitration. 2. Commercial Agreement to Submit to Arbitration — General: This type of agreement is intended for businesses engaged in commercial transactions. It ensures that any disputes arising from contracts, partnerships, vendor agreements, or other business-related matters will be resolved by arbitration rather than traditional litigation. 3. Construction Agreement to Submit to Arbitration — General: This type of agreement is widely used in the construction industry. It binds the parties involved, such as contractors, subcontractors, and property owners, to settle any construction-related disputes, such as defects, delays, or payment issues, through arbitration. 4. Consumer Agreement to Submit to Arbitration — General: This type of agreement is commonly used in consumer transactions, such as contracts for purchasing goods or services. It ensures that any disputes arising from these transactions, including issues with warranties, refunds, or quality, will be resolved through arbitration rather than through the formal court system. Overall, the Maryland Agreement to Submit to Arbitration — General is an effective tool to streamline and expedite the dispute resolution process. It offers parties the opportunity to resolve their differences in a fair, impartial, and cost-effective manner, thus avoiding the complexities and expenses associated with court proceedings. It is crucial for all parties involved to carefully review and understand the terms of the agreement before signing it, as arbitration decisions are generally final and binding.
