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An arbitration agreement occurs when parties mutually consent to resolve their disputes outside the national court system, opting for private settlement through an independent tribunal. This binding agreement must meet several criteria: it must be in writing, relate to current or future disputes, arise from a legal relationship (contractual or otherwise), involve parties with legal capacity and consent, and pertain to a subject matter suitable for arbitration. In essence, parties relinquish their rights to court proceedings in favor of arbitration, ensuring a more private and potentially expedited resolution process.