An Arbitration Agreement is a contractual arrangement between parties involved in a dispute, in which they agree to resolve their disputes through arbitration rather than through traditional litigation in court.
In an arbitration agreement, the parties agree to submit any disputes arising out of their contract or relationship to arbitration, which involves the appointment of a neutral third party, called an arbitrator or panel of arbitrators. The arbitrator or panel then conducts a formal hearing, considers evidence presented by both parties and renders a decision, known as an arbitral award.
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