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For an arbitration agreement to be valid, it must be a product of the parties' free will and voluntary consent. Coercion, fraud, or undue influence should not taint the agreement, ensuring that parties willingly choose arbitration as their preferred method of dispute resolution.

In contract law, an arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process.

[The arbitration shall be conducted by a single arbitrator.] The arbitration shall be held in [city]. The arbitration shall proceed in ance with the provisions of the Arbitration Act (province). The decision arrived at by the arbitrator(s) shall be final and binding and no appeal shall lie therefrom.

Simply put, the arbitration clause requires that the two parties to an agreement will go through arbitration rather than either party initiating a lawsuit if a dispute arises.

The Advantages and Disadvantages of Arbitration Efficient and Flexible: Quicker Resolution, Easier to schedule. ... Less Complicated: Simplified rules of evidence and procedure. ... Privacy: Keep it out of the public eye. ... Impartiality: Choosing the ?judge? ... Usually less expensive. ... Finality: The end of the dispute.

"A dispute having arisen between the parties concerning [ ], the parties hereby agree that the dispute shall be referred to and finally resolved by arbitration under the LCIA Rules. The number of arbitrators shall be [one/three]. The seat, or legal place, of arbitration shall be [City and/or Country].