What is an agreement to arbitrate?

An agreement to arbitrate is a legal document that is signed by two parties and binds them to seek resolution of a dispute through an arbitrator. The agreement to arbitrate can include an arbitration clause, which is a provision in a contract that says that any dispute between the parties must be resolved through arbitration. In Virginia, arbitration can be made by mutual agreement of the parties or pursuant to a court order. The arbitration process involves the presentation of evidence by the parties and a final decision by the arbitrator, who is an impartial third party. This decision is usually binding, meaning that it is legally enforceable and must be followed. The agreement to arbitrate also outlines the rules and procedures that will be followed during the arbitration process. In Virginia, both parties must agree to arbitrate and the agreement must be included in a written contract. The agreement to arbitrate is a legally binding document that can be enforced by the court if necessary. It is important to read and understand the agreement to arbitrate before signing it, as it will dictate the terms of the dispute resolution process.

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