Meaning & Definition of word "Arbitration"
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Arbitration
/ˌɑːrbɪˈtreɪʃən/
noun:
- 1. The process of settling a dispute or disagreement between parties by an impartial third party.
- Example: The two companies agreed to arbitration to resolve their contractual disputes.
- 2. A method of resolving disputes outside of the courts, where an arbitrator makes a binding decision.
- Example: Many prefer arbitration to litigation due to its faster resolution time.
- 3. The use of an arbitrator to mediate the outcomes of a defined issue between parties.
- Example: The arbitration was held in a neutral location to ensure fairness for both sides.
- 4. The act of arbitrating; a process by which an independent party resolves a conflict.
- Example: The arbitration process is governed by specific rules that both parties must agree on.
Etymology
From Latin 'arbitratio', from 'arbitrare' meaning 'to give a judgment'.
Common Phrases and Expressions
binding arbitration:
A type of arbitration where the parties must abide by the decision.
arbitration clause:
A section in a contract that stipulates arbitration in case of disputes.
Related Words
arbitrator:
A neutral person who listens to both sides and makes a binding decision.
mediation:
A process where a neutral third party assists parties in reaching a settlement.
Slang Meanings of arbitration
Meaning: Let's arb it
Example Sentence: Instead of fighting, let's arb it and save time.
Meaning: arb your way out
Example Sentence: He managed to arb his way out of the tough situation.