(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)
arbitration, arbitrament, arbitrement(noun)
the act of deciding as an arbiter; giving authoritative judgment
"they submitted their disagreement to arbitration"
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.
Origin: From arbitracion, from arbitration, from arbitratio, from arbitrari; see arbitrate.
the hearing and determination of a cause between parties in controversy, by a person or persons chosen by the parties
Origin: [F. arbitration, L. arbitratio, fr. arbitrari.]
Arbitration, a form of alternative dispute resolution, is a technique for the resolution of disputes outside the courts, where the parties to a dispute refer it to one or more persons, by whose decision they agree to be bound. It is a resolution technique in which a third party reviews the evidence in the case and imposes a decision that is legally binding for both sides and enforceable. Other forms of ADR include meditation and non-binding resolution by experts. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. The use of arbitration is also frequently employed in consumer and employment matters, where arbitration may be mandated by the terms of employment or commercial contracts. Arbitration can be either voluntary or mandatory and can be either binding or non-binding. Non-binding arbitration is similar to mediation in that a decision can not be imposed on the parties. However, the principal distinction is that whereas a mediator will try to help the parties find a middle ground on which to compromise, the arbitrator remains totally removed from the settlement process and will only give a determination of liability and, if appropriate, an indication of the quantum of damages payable. By one definition arbitration is binding and so non-binding arbitration is technically not arbitration.
The numerical value of arbitration in Chaldean Numerology is: 3
The numerical value of arbitration in Pythagorean Numerology is: 1
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