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An arbitration agreement is a legal contract where parties opt to resolve disputes outside of national courts, choosing instead to settle disagreements privately through an independent tribunal. For the arbitration agreement to be valid, it must meet several conditions: it should be in writing, relate to current or future disputes arising from a legal relationship, involve parties with the legal capacity to contract, and pertain to a subject matter suitable for arbitration. The resolution provided by the tribunal is binding on all parties involved.
