Which of the following statements is true of a submission agreement?
A) It is a binding clause in a contract mandating all disputes to be settled by arbitration.
B) It specifies the nature of the dispute and how the arbitrator will be selected.
C) It is an agreement stating that both parties agree to abide by the mediator's decision.
D) It is an agreement provided in court stating how contract disputes are to be settled.

Question

Quizplus · Accepted Answer

A submission agreement is a clause in a contract that specifies how disputes between the parties will be resolved through arbitration. It outlines the nature of the dispute and the process for selecting an arbitrator. It does not mandate all disputes to be settled by arbitration or involve a mediator's decision. It is not provided by a court but rather included in a contract between the parties.

Which of the Following Statements Is True of a Submission