An arbitration agreement is an agreement between parties to a legal relationship to submit an existing or any future disputes to arbitration. It follows that an agreement of the parties to arbitrate is the cornerstone of arbitration, as it contains the consent of the parties to submit their dispute to arbitration. There are two basic types of arbitration agreements. The first one is a submission agreement, which consists in an agreement to submit an existing dispute to arbitration. The second is an arbitration clause, which consists in an agreement to submit a future dispute to arbitration.1