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An arbitration agreement is a contract between parties to resolve disputes privately, relinquishing the right to national court intervention. It involves submitting a current or future dispute to an independent tribunal for a binding resolution. For an arbitration agreement to be valid, several conditions must be met: it must be in writing, pertain to existing or prospective disputes, arise from a legal relationship (contractual or otherwise), involve parties with the legal capacity to contract, and address a subject matter eligible for arbitration.