In Arbitration, an Arbitration Agreement means an agreement by the parties to submit some or all disputes that arises between them out a definite legal relationship, contractual or not.
The Arbitration Agreement may be in the form of an arbitration clause in the Contract or in the form of a separate agreement.
- It shall be in the form of a writing.
- It is a document signed by the parties.
- It can be in the form of letters, telex or telegram messages etc.
- Submission - act of referring a matter for decision
- Award - finding or decision in arbitration
- Umpire - Also called a Presiding Arbitrator