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An arbitration agreement is a contract where parties agree to resolve disputes outside of the national court system, using an independent tribunal. To be valid, the agreement must meet several conditions: it must be in writing, pertain to current or future disputes, involve a legal relationship between parties, ensure that the parties have the legal capacity and consent, and address matters that can be settled by arbitration. By agreeing to arbitration, parties relinquish their right to a court trial, and the outcome is binding on all involved parties.
