Learn something new every day
More Info... by email
The uniform submission agreement is a document that is commonly utilized when two parties wish to settle an issue through the use of arbitration. Essentially, the uniform submission agreement confirms that both parties wish to have the matter handled through the process of arbitration. Further, the document affirms the commitment of all concerned parties to accept the decision that is reached, and conform to the terms of the decision.
Arbitration is often utilized as a means of avoiding lengthy and costly court battles when legal disputes take place between individuals or companies. In order to enter into this period of arbitration, the concerned parties are provided with an overview of how the arbitration process works, and what this could mean for each participant in the process. The verbiage included in a uniform submission agreement recaps the particular of the process and serves as a means of verifying that each party understands the terms of arbitration and waives his or her right to any further legal action.
Once the uniform submission agreement is signed, witnessed, and properly filed, arbitrators are assigned to the case and the presentation of evidence takes place. Operating within the conditions outlined in the uniform submission agreement, the arbitrators will use the tools of inquiry and mediation to arrive at a decision that will effectively end the dispute. While the process can take some time, arbitration is generally a shorter process than going through the usual legal channels, and is often much less costly to all parties involved.
The uniform submission agreement may include rules of conduct that will apply after the dispute or disputes are settled. For example, both parties may covenant to not reveal the exact terms of the decision to the media, or there may be guidelines as to the payment schedule for any damages awarded. As with the final decision, the terms of the uniform submission agreement will bind the parties to follow through with the payment of damages or any other punitive measures that the arbitrators consider appropriate.