Arbitration Submission Agreement Definition: Understanding the Basics

Arbitration is a legal process that is designed to resolve disputes between two parties outside of the court system. It is an alternative to traditional litigation, and it involves a neutral third party, or arbitrator, who hears both sides of the argument and makes a final decision.

One of the key components of the arbitration process is the arbitration submission agreement, also known as the arbitration agreement. This is a contract that is entered into by both parties prior to any dispute arising, and it outlines the terms and conditions of the arbitration process.

The arbitration submission agreement typically includes the following provisions:

1. The agreement to arbitrate: This outlines the decision to resolve any future disputes through arbitration rather than traditional litigation. It also sets out the rules that will govern the arbitration process.

2. The appointment of an arbitrator: This outlines the appointment process for the arbitrator, including any qualifications or experience requirements.

3. The location and timing of the arbitration: This outlines where and when the arbitration will take place.

4. The scope of the arbitration: This outlines the nature of the dispute that will be arbitrated, including any limitations on the jurisdiction of the arbitrator.

5. The confidentiality of the arbitration: This outlines the confidentiality provisions that will govern the arbitration process, including any restrictions on the disclosure of information.

6. The cost of the arbitration: This outlines the fees that will be charged for the arbitration process, including any payment requirements.

7. The enforcement of the arbitration decision: This outlines the process for enforcing the final decision of the arbitrator, including any legal remedies that may be available.

It is important to note that the arbitration submission agreement is a binding contract, and both parties are required to adhere to its terms. If any party fails to comply with the agreement, they may be subject to legal action.

In conclusion, the arbitration submission agreement is a critical component of the arbitration process. It outlines the key terms and conditions of the arbitration, and it provides the framework for resolving disputes in a fair and efficient manner. If you are considering entering into an arbitration submission agreement, it is important to consult with an experienced attorney to ensure that your interests are protected.