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An arbitration agreement is a contract in which parties agree to resolve disputes through arbitration instead of going to court. This agreement involves referring current or future disputes to an independent tribunal, which will make binding decisions. To be valid and effective, an arbitration agreement must meet specific conditions: it must be in writing, relate to existing or future disputes, arise from a legal relationship (contractual or otherwise), have parties with legal capacity and consent, and involve subject matter suitable for arbitration.