“Arbitration is an institution whereby individuals, whether natural or legal persons, may agree or agree that, in order to resolve disputes or disputes arising between them, they will not go to the judicial bodies but to one or more arbitrators, who will be entrusted with their decision, reaching their ruling as effective as if the matter had been resolved by the Justice Administration, i.e. it shall be deemed to be res judicata and enforceable” (Manual de Arbitraje Cooperativo Vasco. Autores: Santiago Merino Hernández, Mª Pilar Rodríguez Alvarez y Fernando San José Martínez)
