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draft an arbitration agreement which is a separate agreement specifically outlining the process of resolving disputes outside of the court system. This video tutorial discusses the importance of drafting a complete arbitration agreement rather than just an arbitration clause in a contract. It explains the concept of arbitration using an example where party A and party B enter into a contract, but party B breaches it. Instead of going to court, party A can initiate arbitration, which is a quicker and more efficient way of resolving disputes. The tutorial emphasizes the benefits of having a well-drafted arbitration agreement in place for businesses to avoid lengthy court battles and ensure a smoother resolution process.