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Derek Johnson from tatango.com speaks with Joe Bowser from Innovista Law about arbitration agreements and their significance in text message marketing. An arbitration agreement is a contract between parties that stipulates disputes will not be settled in court but through arbitration, often before a third-party panel from organizations like AAA or JAMS. These arbitrators function similarly to judges but without formal court procedures. The discussion highlights the importance of these agreements in the context of the Telephone Consumer Protection Act (TCPA).