Final answer:
In the absence of a statute, the rights and duties of the disputing parties to a submission for arbitration are described and limited by the terms of their contract or agreement.
Step-by-step explanation:
In the absence of a statute, the rights and duties of the disputing parties to a submission for arbitration are described and limited by the terms of their contract or agreement. When parties enter into an arbitration agreement, they have the freedom to define the rights and responsibilities they have towards each other in the absence of specific laws. These agreements can include provisions that outline the procedures to be followed, the qualifications of the arbitrator, and any limitations on the damages that can be awarded.
For example, if two businesses sign a contract that includes an arbitration clause, their rights and duties in the arbitration process will be determined by the terms of that contract. The contract may specify which arbitration rules apply, such as those of the American Arbitration Association or the International Chamber of Commerce. It may also include provisions regarding the selection of the arbitrator and the scope of the dispute that can be arbitrated.
Therefore, in the absence of a statute, the rights and duties of the disputing parties in arbitration are primarily governed by the terms of their contract or agreement.