In the arbitration agreement, the parties undertake to submit a specifically defined legal dispute, which is subject to the parties’ ability to contract, to the exclusion of the state courts, to an arbitration court admissible under the forms of the law and to have it decide with legal effect. The arbitration agreement is thus a purely private law transaction with negative publicity effect insofar as it involves the waiver of the right to legal protection.
German: Schiedsvertrag (720)
Source: LK-Lötscher, 11.05.2020
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