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.
Title: Understanding North Carolina Submission to Arbitration of Dispute between Building Construction Contractor and Owner Introduction: The North Carolina Submission to Arbitration of Dispute between Building Construction Contractor and Owner offers an alternative resolution method for conflicts arising during the construction process. This detailed description aims to provide valuable insights into the intricacies of this arbitration process in North Carolina. 1. Overview of North Carolina Submission to Arbitration: North Carolina has established a robust legal framework that encourages parties involved in construction projects to settle disputes efficiently through arbitration. It provides a structured approach that allows the involved parties to resolve their disagreements outside the courtroom. 2. Key Features and Benefits: a. Voluntary Agreement: Arbitration is a voluntary process in which both the building construction contractor and the owner agree to participate. It offers an alternative to litigation, allowing parties to resolve differences privately and expeditiously. b. Neutrality and Impartiality: Arbitration proceedings in North Carolina ensure fairness by appointing an impartial arbitrator who remains neutral throughout the process. This ensures that the resolution is based solely on merit and without bias. c. Confidentiality: Another advantage of submission to arbitration is the protection of sensitive information. Unlike court proceedings, arbitration are private affairs, protecting the parties' trade secrets and preserving their reputation. d. Efficiency and Speed: Arbitration typically offers a quicker resolution compared to court proceedings. The involved parties can agree upon the timeline, allowing for a more streamlined process and avoiding prolonged legal battles. 3. Different Types of North Carolina Submission to Arbitration: a. Construction Contract Clause Arbitration: This type of arbitration arises when the building construction contractor and owner incorporate arbitration clauses into their construction contracts. It establishes the parties' consent to resolve disputes through arbitration. b. Post-Dispute Arbitration: In certain cases, disputes may arise during the construction project without prior arbitration provisions in the contract. Both parties can still submit their dispute to arbitration by mutual agreement or under state statutes governing construction arbitration. 4. Arbitration Process: a. Initiation: The construction contractor or the owner can initiate the arbitration process by serving a written demand for arbitration to the other party, clearly stating the nature of the dispute and requested relief. b. Appointment of Arbitrator: Parties can select a single arbitrator, or each party may appoint one arbitrator, with both arbitrators selecting a third to form a panel. The chosen arbitrator(s) must possess the necessary qualifications and expertise. c. Hearing and Evidence Presentation: Both the contractor and owner will present their evidence and arguments during the arbitration hearing. This allows parties to substantiate their claims and counter-claims effectively. d. Arbitration Award: Following the hearing, the arbitrator(s) will render an award. The award is typically binding and enforceable, providing both parties with a resolution for their dispute. Conclusion: North Carolina Submission to Arbitration of Dispute between Building Construction Contractor and Owner provides an efficient, confidential, and time-saving alternative to litigation. By willingly opting for arbitration, parties involved in construction projects can resolve their disagreements swiftly, ensuring successful completion of the project while maintaining the relationship between the two parties involved.Title: Understanding North Carolina Submission to Arbitration of Dispute between Building Construction Contractor and Owner Introduction: The North Carolina Submission to Arbitration of Dispute between Building Construction Contractor and Owner offers an alternative resolution method for conflicts arising during the construction process. This detailed description aims to provide valuable insights into the intricacies of this arbitration process in North Carolina. 1. Overview of North Carolina Submission to Arbitration: North Carolina has established a robust legal framework that encourages parties involved in construction projects to settle disputes efficiently through arbitration. It provides a structured approach that allows the involved parties to resolve their disagreements outside the courtroom. 2. Key Features and Benefits: a. Voluntary Agreement: Arbitration is a voluntary process in which both the building construction contractor and the owner agree to participate. It offers an alternative to litigation, allowing parties to resolve differences privately and expeditiously. b. Neutrality and Impartiality: Arbitration proceedings in North Carolina ensure fairness by appointing an impartial arbitrator who remains neutral throughout the process. This ensures that the resolution is based solely on merit and without bias. c. Confidentiality: Another advantage of submission to arbitration is the protection of sensitive information. Unlike court proceedings, arbitration are private affairs, protecting the parties' trade secrets and preserving their reputation. d. Efficiency and Speed: Arbitration typically offers a quicker resolution compared to court proceedings. The involved parties can agree upon the timeline, allowing for a more streamlined process and avoiding prolonged legal battles. 3. Different Types of North Carolina Submission to Arbitration: a. Construction Contract Clause Arbitration: This type of arbitration arises when the building construction contractor and owner incorporate arbitration clauses into their construction contracts. It establishes the parties' consent to resolve disputes through arbitration. b. Post-Dispute Arbitration: In certain cases, disputes may arise during the construction project without prior arbitration provisions in the contract. Both parties can still submit their dispute to arbitration by mutual agreement or under state statutes governing construction arbitration. 4. Arbitration Process: a. Initiation: The construction contractor or the owner can initiate the arbitration process by serving a written demand for arbitration to the other party, clearly stating the nature of the dispute and requested relief. b. Appointment of Arbitrator: Parties can select a single arbitrator, or each party may appoint one arbitrator, with both arbitrators selecting a third to form a panel. The chosen arbitrator(s) must possess the necessary qualifications and expertise. c. Hearing and Evidence Presentation: Both the contractor and owner will present their evidence and arguments during the arbitration hearing. This allows parties to substantiate their claims and counter-claims effectively. d. Arbitration Award: Following the hearing, the arbitrator(s) will render an award. The award is typically binding and enforceable, providing both parties with a resolution for their dispute. Conclusion: North Carolina Submission to Arbitration of Dispute between Building Construction Contractor and Owner provides an efficient, confidential, and time-saving alternative to litigation. By willingly opting for arbitration, parties involved in construction projects can resolve their disagreements swiftly, ensuring successful completion of the project while maintaining the relationship between the two parties involved.
