Arbitration
WordNet
noun
(1) The act of deciding as an arbiter; giving authoritative judgment
"They submitted their disagreement to arbitration"
(2) (law) the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labor and management)
WiktionaryText
Etymology
< < < < ; see arbitrate.
Noun
- the act or process of arbitrating
- a process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute
- In general, a form of justice where both parties designate a person whose ruling they will accept formally. More specifically in Market Anarchist (market anarchy) theory, arbitration designates the process by which two agencies pre-negotiate a set of common rules in anticipation of cases where a customer from each agency is involved in a dispute.