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- DictionaryAr·bi·tra·tion/ˌärbəˈtrāSH(ə)n/
noun
- 1. the use of an arbitrator to settle a dispute: "Tayside Regional Council called for arbitration to settle the dispute"
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- Arbitration
Arbitration is a formal method of dispute resolution involving a neutral third party who makes a binding decision. The third party neutral (the 'arbitrators', 'arbiters' or 'arbitral tribunal') renders the decision in the form of an 'arbitration award'. An arbitration decision or award is legally binding on both sides and enforceable in the courts, unless all parties stipulate that the arbitration... Wikipedia
