What does Arbitration agreement mean?

Arbitration agreement meaning in Medical Dictionary

An arrangement in which the client waives the ability to sue the medic and, alternatively, agrees to send any dispute to arbitration. Arbitration agreements tend to be legal and binding. The arguments inside their favor tend to be that, for customers, the way it is can be settled quicker, and much more cash can go right to the client (in place of to a lawyer). Physicians can frequently get a discount to their malpractice insurance coverage in the event that majority of their customers sign such agreements.