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.
Washington Submission to Arbitration of Dispute between Building Construction Contractor and Owner
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How to fill out Submission To Arbitration Of Dispute Between Building Construction Contractor And Owner?
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Arbitration is a form of alternative dispute resolution (ADR) that offers parties involved in a legal dispute an alternative to traditional courtroom litigation. Unlike litigation, where disputes are resolved in court, arbitration takes place in a private setting, typically chosen by the parties involved.
There are many advantages to choosing arbitration as the form of binding dispute resolution in construction contracts. If executed as intended, arbitration can be less expensive, quicker, and more efficient than other forms of dispute resolution, like litigation.
Arbitration is when disputing parties submit their differences to a neutral third party professional who makes a final award for financial damages, if any. Many disputes between consumers and contractors can be resolved efficiently and in a timely manner through arbitration.
Arbitration Process File a Claim. A claimant initiates an arbitration by filing a statement of claim that specifies the relevant facts and remedies requested. Answer a Claim. ... Arbitrator Selection. ... Prehearing Conferences. ... Discovery. ... Hearings. ... Decision & Awards.
The arbitration clause should be simple and straightforward in identifying the scope of matters the parties agree to arbitrate, any applicable arbitration rules, and the institution (if any) administering the arbitration. Parties may also agree in advance to the number of arbitrators.
Your contract should state BINDING arbitration; you want the issue resolved and finished, the sooner the better. Arbitration, structured properly, usually gets issues resolved much faster than mediation, and often at far less cost.
In Washington, an arbitrator must be a licensed attorney with at least 5 years of experience practicing law or another individual who has undergone special training (RCW 11.96A. 310). After the hearing the arbitrator provides a written decision or award within 14 days of the hearing. The award is filed with the court.
Cons: Arbitration can be more expensive and time-consuming than litigation, especially if the parties choose a complex and formal procedure, involve multiple arbitrators, or face multiple challenges or appeals.