Arbitration Agreement Explained, Lex Animata by Hesham Elrafei

Arbitration Agreement Visualized Lex Animata By Hesham Elrafei When parties agree to arbitrate their disputes, they give up the right to have those disputes decided by a national court. Instead, they agree to settle their disagreements privately, outside of the legal system. An arbitration agreement is an agreement between the disputing parties in a legal relationship, to refer a current or future dispute, to the jurisdiction of an independent tribunal, Which would resolve the problem in a way that is binding on all parties. The following conditions must be met for an arbitration agreement to be valid and effective: the agreement must be in writing; related to current and future disputes; the dispute must arise out of a legal relationship between the parties, whether contractual or not; The parties to the agreement must have the legal capacity and consent to sign and enter into contracts. the subject matter must be capable of being