A prior agreement to be bound by an arbitration award implied that the parties were deemed to have intended, based on the nature and the surrounding circumstances of the panel, to accept the award of the panel as the final and conclusive determination of their dispute and thereafter live in accordance with that award. However, since in the instant case, before the committee started its hearing; it had assured the parties that whoever would not be satisfied with its decision would be free to go to court for the determination of the dispute, and furthermore, did not allow the parties to call witnesses in support of their respective claims, the committee had seen itself only as a mediating committee to attempt settlement of the land dispute. Accordingly, the trial judge was justified in holding that the award of the committee was not binding and did not constitute estoppel against the parties.