New York Arbitration Submission Agreement

• Category: Arbitration and Mediation - Arbitration
• State: Multi-State
• Control #: US-0010BG
• Format: Word; Rich Text

Description

An agreement to arbitrate a dispute that has already arisen is sometimes called a ?ˆ?submission agreement.?ˆ A submission agreement is needed when the parties don?ˆ™t have an existing written contract or a clause in an existing contract that provides that arbitration will be used to settle disputes between them. The submission agreement is used to start the arbitration with the selected arbitrator. The New York Arbitration Submission Agreement is a legal contract that encompasses the terms and conditions for parties to submit their disputes to arbitration in New York. It outlines the procedural rules, governing laws, and key provisions that will be followed during the arbitration process. One notable type of New York Arbitration Submission Agreement is the New York Convention arbitration agreement. This agreement is based on the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention). It is designed to facilitate the enforcement of arbitral awards across different countries, making it particularly suitable for international disputes. Another type of New York Arbitration Submission Agreement is the domestic arbitration agreement. This agreement governs disputes that arise within the boundaries of New York and involves parties domiciled or operating within the state. The provisions of the domestic arbitration agreement may differ slightly from the New York Convention arbitration agreement, as they are tailored to specific domestic regulations and practices. Key provisions typically included in a New York Arbitration Submission Agreement may include: 1. Arbitration clause: This clause states that any disputes or claims arising from the underlying agreement will be resolved through arbitration instead of litigation. It establishes the parties' agreement to submit to arbitration. 2. Selection of arbitral institution: The agreement may specify the arbitral institution or arbitration rules that will govern the arbitration process. Commonly selected institutions in New York include the International Chamber of Commerce (ICC), the American Arbitration Association (AAA), or JAMS. 3. Appointment of arbitrators: The agreement may outline the process for selecting and appointing arbitrators. It may define the number of arbitrators, the procedure for their appointment, and criteria for their qualifications and impartiality. 4. Venue and seat of arbitration: The agreement may specify New York as the seat of arbitration, which establishes the legal framework governing the arbitration process. The agreed-upon venue for hearings and meetings may also be mentioned. 5. Language and governing law: The agreement may designate the language to be used during the arbitration and the governing law that will apply to the substance of the dispute. 6. Confidentiality: The agreement may contain provisions that ensure confidentiality of the arbitral proceedings and award. 7. Costs and fees: The agreement may address the allocation of costs and fees associated with the arbitration process. This may include the payment of arbitrators' fees, administrative fees of the arbitral institution, and any other expenses related to the proceedings. 8. Enforcement of arbitral awards: A New York Arbitration Submission Agreement, particularly those based on the New York Convention, will include provisions regarding the enforcement of arbitral awards in domestic and international jurisdictions. It is important to note that specific terms and provisions of the New York Arbitration Submission Agreement may vary depending on the negotiations between the parties involved and the nature of the underlying agreement.

The New York Arbitration Submission Agreement is a legal contract that encompasses the terms and conditions for parties to submit their disputes to arbitration in New York. It outlines the procedural rules, governing laws, and key provisions that will be followed during the arbitration process. One notable type of New York Arbitration Submission Agreement is the New York Convention arbitration agreement. This agreement is based on the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention). It is designed to facilitate the enforcement of arbitral awards across different countries, making it particularly suitable for international disputes. Another type of New York Arbitration Submission Agreement is the domestic arbitration agreement. This agreement governs disputes that arise within the boundaries of New York and involves parties domiciled or operating within the state. The provisions of the domestic arbitration agreement may differ slightly from the New York Convention arbitration agreement, as they are tailored to specific domestic regulations and practices. Key provisions typically included in a New York Arbitration Submission Agreement may include: 1. Arbitration clause: This clause states that any disputes or claims arising from the underlying agreement will be resolved through arbitration instead of litigation. It establishes the parties' agreement to submit to arbitration. 2. Selection of arbitral institution: The agreement may specify the arbitral institution or arbitration rules that will govern the arbitration process. Commonly selected institutions in New York include the International Chamber of Commerce (ICC), the American Arbitration Association (AAA), or JAMS. 3. Appointment of arbitrators: The agreement may outline the process for selecting and appointing arbitrators. It may define the number of arbitrators, the procedure for their appointment, and criteria for their qualifications and impartiality. 4. Venue and seat of arbitration: The agreement may specify New York as the seat of arbitration, which establishes the legal framework governing the arbitration process. The agreed-upon venue for hearings and meetings may also be mentioned. 5. Language and governing law: The agreement may designate the language to be used during the arbitration and the governing law that will apply to the substance of the dispute. 6. Confidentiality: The agreement may contain provisions that ensure confidentiality of the arbitral proceedings and award. 7. Costs and fees: The agreement may address the allocation of costs and fees associated with the arbitration process. This may include the payment of arbitrators' fees, administrative fees of the arbitral institution, and any other expenses related to the proceedings. 8. Enforcement of arbitral awards: A New York Arbitration Submission Agreement, particularly those based on the New York Convention, will include provisions regarding the enforcement of arbitral awards in domestic and international jurisdictions. It is important to note that specific terms and provisions of the New York Arbitration Submission Agreement may vary depending on the negotiations between the parties involved and the nature of the underlying agreement.