The Law on Arbitration expands the definition of an arbitration agreement and determines the conditions for the validity of such an agreement. The legal nature of the arbitration agreement combines the elements of the substantive law and procedural law. The arbitration agreement can be divided into two basic categories, depending on whether or not the dispute already existed at the time of concluding the arbitration agreement. The most common form of an arbitration agreement is an arbitration clause that is included in the main agreement concluded between the parties. Another form of an arbitration agreement, the compromise, is entered into after a dispute has already arisen between the parties as a separate agreement. By signing such an agreement, the jurisdiction of the state court is excluded. The arbitration agreement must meet certain conditions, including the capacity of the parties, the arbitrability of the subject-matter of the dispute, the form and content of the agreement itself. The Law on Arbitration introduces modernist principles regarding the form of the agreement, accepting the written form through the exchange of letters, fax or other means of telecommunication. The content of the arbitration agreement includes the parties' agreement on the resolution of specific disputes related to certain legal relationship, both contractual or non-contractual. The thesis touches upon the autonomy of the arbitration agreement in relation to the main agreement. It has conventionally been considered that these two agreements are inextricably linked, and that the invalidity of the main agreement automatically results in the invalidity of the arbitration agreement. However, modern practice recognizes the autonomy of the arbitration agreement, which means that the nullity of the main agreement does not automatically affect the arbitration agreement. Also, the thesis explores the effects and termination of an arbitration agreement, including the legal consequences of invalidity, the parties' options in the event of invalidity, and different scenarios for the termination of an arbitration agreement.