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An arbitration agreement is a contract where parties agree to resolve disputes privately, relinquishing their right to a national court. It establishes an independent tribunal to settle disagreements, which is binding for all involved. For the agreement to be valid, it must meet certain conditions: 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 the subject matter must be arbitrable. These criteria ensure that the arbitration process is legitimate and enforceable.
