An Arbitration Agreement is a legal contract upon which parties decide that if there will be any disputed claims between them they won't go to a court of law to settle them. They will solve any issues by binding arbitration. The purpose of the document is to make it clear that the parties are giving up their right to sue each other and agree to solve any potentially problematic situations out of court. In this case, if the parties who have entered into an agreement can't resolve their dispute themselves, they are supposed to submit it to a neutral party - an arbitrator, who will make a decision, while in usual cases without an agreement, it would be a judge who would decide such issues.
These kinds of agreements are used in many situations. For example, when an individual has received a job. In this case, an employer can offer them to sign an Employee Arbitration Agreement, and they can only agree to bring any claims to an arbitrator. Usually, employers use a standard Arbitration Agreement form which is mandatory to be signed by all employees.
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