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.
In Tennessee, the Submission to Arbitration of Dispute between Building Construction Contractor and Owner refers to the process that parties involved in a construction project pursue when they encounter conflicts or disagreements that cannot be resolved through negotiation or other dispute resolution methods. This procedure allows the contractor and owner to submit their dispute to an impartial third party, known as an arbitrator, who will make a final and binding decision on the matter. Key terms related to Tennessee Submission to Arbitration of Dispute between Building Construction Contractor and Owner include: 1. Arbitration Agreement: This is a written contract between the contractor and owner, outlining their agreement to resolve potential disputes through arbitration. It typically contains details about the arbitration process, including the selection of an arbitrator and the rules that will govern the proceedings. 2. Arbitrator Selection: Parties can either agree on a specific arbitrator or utilize a selection process, depending on the terms of their agreement. The chosen arbitrator should be knowledgeable in construction law and possess expertise relevant to the dispute at hand. 3. Construction Dispute: This refers to any conflict, disagreement, or claim arising between the building construction contractor and the owner during the course of a construction project. Disputes can concern issues such as delays, defects, non-payment, breaches of contract, change orders, or interpretation of contract documents. 4. Applicable Arbitration Rules: There are different sets of rules that govern the arbitration process in Tennessee, such as the Tennessee Uniform Arbitration Act, the American Arbitration Association (AAA) Construction Industry Rules, or the rules agreed upon in the arbitration agreement. 5. Notice of Arbitration: The party initiating the arbitration must provide written notice to the opposing party, indicating their intent to pursue arbitration. This notice typically includes a brief description of the dispute and identifies the provisions under which the dispute will be arbitrated. 6. Arbitration Proceedings: The arbitration process consists of various stages, including pre-hearing conferences, the selection of evidentiary materials, witness testimonies, expert opinions, and the presentation of oral arguments. The arbitrator will review the evidence presented by both parties and render an award or decision. 7. Arbitration Award: Once the arbitration process is complete, the arbitrator will issue a written decision known as the arbitration award. This award is legally binding and outlines the resolution of the dispute, including any monetary damages, changes to the contract, or other remedies deemed appropriate. In summary, Tennessee Submission to Arbitration of Dispute between Building Construction Contractor and Owner provides a structured and efficient means of resolving construction-related conflicts outside the traditional court system. It allows the parties involved to save time and costs by opting for arbitration and receiving a final binding decision from an impartial arbitrator.In Tennessee, the Submission to Arbitration of Dispute between Building Construction Contractor and Owner refers to the process that parties involved in a construction project pursue when they encounter conflicts or disagreements that cannot be resolved through negotiation or other dispute resolution methods. This procedure allows the contractor and owner to submit their dispute to an impartial third party, known as an arbitrator, who will make a final and binding decision on the matter. Key terms related to Tennessee Submission to Arbitration of Dispute between Building Construction Contractor and Owner include: 1. Arbitration Agreement: This is a written contract between the contractor and owner, outlining their agreement to resolve potential disputes through arbitration. It typically contains details about the arbitration process, including the selection of an arbitrator and the rules that will govern the proceedings. 2. Arbitrator Selection: Parties can either agree on a specific arbitrator or utilize a selection process, depending on the terms of their agreement. The chosen arbitrator should be knowledgeable in construction law and possess expertise relevant to the dispute at hand. 3. Construction Dispute: This refers to any conflict, disagreement, or claim arising between the building construction contractor and the owner during the course of a construction project. Disputes can concern issues such as delays, defects, non-payment, breaches of contract, change orders, or interpretation of contract documents. 4. Applicable Arbitration Rules: There are different sets of rules that govern the arbitration process in Tennessee, such as the Tennessee Uniform Arbitration Act, the American Arbitration Association (AAA) Construction Industry Rules, or the rules agreed upon in the arbitration agreement. 5. Notice of Arbitration: The party initiating the arbitration must provide written notice to the opposing party, indicating their intent to pursue arbitration. This notice typically includes a brief description of the dispute and identifies the provisions under which the dispute will be arbitrated. 6. Arbitration Proceedings: The arbitration process consists of various stages, including pre-hearing conferences, the selection of evidentiary materials, witness testimonies, expert opinions, and the presentation of oral arguments. The arbitrator will review the evidence presented by both parties and render an award or decision. 7. Arbitration Award: Once the arbitration process is complete, the arbitrator will issue a written decision known as the arbitration award. This award is legally binding and outlines the resolution of the dispute, including any monetary damages, changes to the contract, or other remedies deemed appropriate. In summary, Tennessee Submission to Arbitration of Dispute between Building Construction Contractor and Owner provides a structured and efficient means of resolving construction-related conflicts outside the traditional court system. It allows the parties involved to save time and costs by opting for arbitration and receiving a final binding decision from an impartial arbitrator.
