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Arbitration is one of the most emblematic and growing forms of ADR. Arbitration is more formal than mediation and has a lot of similarities with traditional court proceedings, involving limited discovery and simplified rules of evidence (ex. hearsay is usually admissible in arbitration).

There are two forms of arbitration: binding and nonbinding. Under binding arbitration, the parties agree to accept the arbitrator's decision as final, limiting their right to seek resolution of the dispute by a court.

For an arbitration agreement to hold weight, a dispute between the involved parties must exist. This is a fundamental requirement for the agreement to come into effect. If no dispute is present, the arbitration clause cannot be used to challenge a settlement that has already been reached by the parties.

Arbitration agreements require that persons who signed them resolve any disputes by binding arbitration, rather than in court before a judge and/or jury. What is binding arbitration? Binding arbitration involves the submission of a dispute to a neutral party who hears the case and makes a decision.

To draft a valid arbitration agreement, parties should also be conscious of the requirements imposed on specific parties or the inarbitrability of certain disputes. Some countries may impose requirements such as a formal authorisation for State entities to enter into arbitration agreements.

An Arbitration Agreement must be in writing and may be in the form of an arbitration clause in a contract or in the form of a separate agreement.