The term arbitration literally means a settlement for determination of dispute outside the court by the private individual party to the dispute without the approaching the court of law may be referred their the matter to a person whom they trust on in whom they have a good faith to suggestion and amicable solution such persons who acts as a mediator between the disputant to settle the matter dispute is called arbitrator.

A Written agreement to be submitted a present or future dispute to be arbitration weather and arbitrator is named therein or not called arbitration agreement the decision which is binding on the party to the dispute is called are award or arbitration award.

ARBITRATION AGREEMENT

the parties to dispute without approaching the court of law may be entered into on the agreement to refer their matter is proved to be settled by a third person called arbitrator such agreement is called arbitration agreement in simple word it is a written agreement entered into between the party to a dispute to repair the matter be settled by third person.

DEFINITION according to section 2 clause 1 of the arbitration and conciliation act 1996 arbitration agreement means an agreement referred to section 7 which contains the ingredient of the arbitration agreement.