Definition of Arbitration agreement

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Arbitration agreement: An arrangement in which the patient waives the right to sue the physician and, instead, agrees to submit any dispute to arbitration. Arbitration agreements are legal and binding. The arguments in their favor are that, for patients, the case can be settled faster, and more money can go to the patient (rather than to a lawyer). Physicians can often get a discount on their malpractice insurance if the majority of their patients sign such agreements.