Write short notes on (a) Arbitration clause

Meaning: arbitration is the parties' agreed private tribunal — the dispute's submission, by the arbitration clause (the future-disputes agreement in the contract) or the submission agreement (the existing dispute's reference), to one or more arbitrators whose award is a binding decision enforceable like a court decree. The maxim of the system: the parties choose their judge, the procedure and the law's application — party autonomy's procedural face. The importance (the five reasons — ADR's rationale): Speed and cost — the courts' docket mathematics (the backlog's institutional reality) answered by the single-track private proceeding; Expertise — the technical disputes' specialists (construction, engineering, trade usages) as the chosen adjudicators; Confidentiality — the commercial-and-family privacy the public courtroom cannot give; Relations' preservation — the continuing parties' interest (the traders, the families, the communities) — the settlement-minded process; Finality and enforceability — the award's decree-force: the private process ending in a public remedy.