This Agreement is a written formal way of resolving a dispute in which the opposing parties present their case to three independent Arbitrators.
It is generally needed in case you are looking for a quick and hassle free resolution to an issue. This avoids extra costs of litigation and complexities of court.
This Agreement can be enforced legally by printing it on a non judicial stamp paper duly signed by both the parties and the concerned witnesses.
You may use it if you want to resolve your case quickly and efficiently. This is usually economical and less complicated than going to court.