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The Concorde Agreement enshrined the rights of the teams, including their involvement in rule-making.
BBC: Mosley confident of F1 resolution
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The current Concorde Agreement governing F1's commercial side comes to an end in 2007, and the GPWC is hoping to establish a new series in 2008.
BBC: SPORT | Motorsport | Formula One | Rival series issues team pledge
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Hubbert's comments came in a letter to the nine teams who have not yet signed a new version of the Concorde Agreement, which governs F1.
BBC: SPORT | Motorsport | Formula One | Rival F1 series is 'not dead yet'
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The future of the sport is currently unclear because Formula One teams continue to negotiate a new Concorde Agreement with the International Automobile Federation (FIA).
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"He certainly has achieved a lot in the negotiations Fota versus FIA and FOM (Formula 1 Management) but this has been sorted out with the signing of the new Concorde Agreement, " he explained.
BBC: F1 returns to scene of the crime
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Ecclestone said on Wednesday that Toyota and Renault were among the remaining teams that have signed a new version of the Concorde Agreement, which is expected to be finalised by the FIA this week.
BBC: BMW to quit F1 at end of season
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They are bound to Formula One by the "Concorde Agreement" until the end of 2007 but would be free to set up a new series in 2008 should the sport's chiefs not meet their financial demands.
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They also want an end to what they see as Mosley's autocratic governance of the sport, guarantees on the stability of the rules, and a reinstatement of the Concorde Agreement, which Mosley allowed to lapse in 2007.
BBC: Mosley confident of F1 resolution
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It is understood that the teams are trying to negotiate a new commercial settlement with CVC, the venture capital group that owns the commercial rights to F1, at the same time as finalising with Mosley and Ecclestone a new Concorde Agreement, the document that binds them to the sport and which enshrines their rights.
BBC: F1 breakaway plans still in place