A Tennessee Arbitration Agreement — Existing Dispute is a legal agreement between two parties who are currently involved in a dispute and wish to resolve it through arbitration instead of going to court. Arbitration is a type of alternative dispute resolution where an impartial third party, known as an arbitrator, helps facilitate negotiations between the parties and ultimately makes a binding decision. In Tennessee, there are different types of arbitration agreements for existing disputes, including binding and non-binding arbitration. 1. Binding arbitration agreement: In this type of agreement, the parties agree that the decision made by the arbitrator is final and binding. This means that they are legally obligated to adhere to the arbitrator's decision and cannot pursue further litigation on the same issue. 2. Non-binding arbitration agreement: In contrast, a non-binding arbitration agreement allows the parties to seek recourse in a court of law if they are dissatisfied with the arbitrator's decision. The decision made through arbitration is only meant to guide the parties towards a resolution but does not have the force of law. Keywords: Tennessee arbitration agreement, existing dispute, alternative dispute resolution, arbitration, impartial third party, arbitrator, binding arbitration agreement, non-binding arbitration agreement, legal, negotiations, final and binding decision, litigation, recourse.