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An arbitration agreement is a contract between parties to settle disputes outside of the courts through an independent tribunal. This process replaces the parties' right to have their disagreements resolved by a national court. For an arbitration agreement to be valid, several conditions must be met: it must be in writing, relate to current or future disputes, arise from a legal relationship, involve parties with the legal capacity to consent, and concern a subject matter that can be arbitrated. The resolution provided by the tribunal is binding on all involved parties.
