Arbitration

/ˌɑːrbɪˈtreɪʃən/

Meaning & Definition

noun

The process of settling a dispute or disagreement between parties by an impartial third party.

The two companies agreed to arbitration to resolve their contractual disputes.

A method of resolving disputes outside of the courts, where an arbitrator makes a binding decision.

Many prefer arbitration to litigation due to its faster resolution time.

The use of an arbitrator to mediate the outcomes of a defined issue between parties.

The arbitration was held in a neutral location to ensure fairness for both sides.

The act of arbitrating; a process by which an independent party resolves a conflict.

The arbitration process is governed by specific rules that both parties must agree on.

From Latin 'arbitratio', from 'arbitrare' meaning 'to give a judgment'.

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.

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.

Let's arb it

Instead of fighting, let's arb it and save time.

arb your way out

He managed to arb his way out of the tough situation.