An arbitration agreement is a legal contract that exists between a patient and a medical provider (or their medical insurance company). Any type of dispute, claim or controversy arising out of business dealings with any FINRA brokerage firm1 can be resolved in mediation or arbitration.Arbitration Clause Defined. Arbitration clauses, also known as arbitration agreements or arbitration provisions, are alternative dispute resolutions. Mediation and arbitration are two alternative dispute resolution processes available through the courts. Arbitration is a form of alternative dispute resolution (ADR). This is a way to resolve disputes outside of judiciary courts. Arbitration is the most traditional form of private dispute resolution. Arbitration is a binding procedure. Like the current Federal Arbitration Act, Utah's old Uniform.