An Arbitration Agreement — Existing Dispute is a contract that is signed by two or more parties, in which they agree to settle an existing dispute through arbitration instead of going to court. This type of agreement is often used in business disputes, employment disputes, or other legal disputes. The agreement typically outlines the parties involved, the dispute that is to be resolved, the type of arbitration to be used, and the jurisdiction where the arbitration shall take place. The agreement may also include clauses that define the scope of the arbitration process, as well as the costs associated with it. There are two types of Arbitration Agreement — Existing Dispute: binding arbitration and non-binding arbitration. In binding arbitration, the decision of the arbitrator is legally binding, meaning that it cannot be appealed or overturned. In non-binding arbitration, the decision of the arbitrator is not legally binding, and can be appealed or overturned.