agreement for arbitration

A contract between parties to a dispute involving their respective legal rights and duties that the disputed matters shall be referred to the decision of others and that the parties shall be bound by the decision reached by such persons. 5 Am J2d Arb & A § 24. A contract constituting the first step in submission of a controversy to arbitration. It may be either an agreement to submit a present controversy or part of the issues thereof or an agreement to arbitrate future controversies. In any event the rights and liabilities of the parties are controlled by the law of contracts and a valid contract is essential if a submission is to be required of a party. 5 Am J2d Arb & A § 1.

Ballentine's law dictionary. . 1998.

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