Instead of going to court and spending months in the court system, the two companies can visit an arbitrator and get a decision quickly.
The Uniform Submission Agreement is a document commonly used when two parties wish to resolve an issue through arbitration. Essentially, the uniform submission agreement confirms that both parties want the matter to go through the arbitration process. In addition, the document affirms the commitment of all interested parties to accept the decision made and to comply with the terms of the decision.
Arbitration is often used as a means of avoiding lengthy and costly court battles when legal disputes occur between individuals or businesses. To enter this arbitration period, interested parties receive an overview of how the arbitration process works and what this can mean for each participant in the process. Verbose included in a uniform submission agreement recaps the details of the process and serves as a means of verifying that each party understands the terms of the arbitration and waives their right to any further legal action.
Once the uniform submission agreement is signed, witnessed and properly filed, arbitrators are assigned to the case and discovery takes place. Operating within the conditions outlined in the uniform submission agreement, the arbitrators will use investigative and mediation tools to reach a decision that effectively ends the dispute. While the process may take some time, arbitration is usually a shorter process than going through the usual legal channels and is often much less expensive for all parties involved.
The uniform submission agreement may include rules of conduct that will apply after the dispute or disputes are resolved. For example, both parties may agree not to release the exact terms of the decision to the media, or there may be guidelines as to the timing of payment of damages awarded. Like the final decision, the terms of the uniform submission agreement will oblige the parties to proceed to the payment of damages or any other punitive measure that the arbitrators deem appropriate.