- The definition of an arbitration is a setting in which two parties submit their differences to an impartial third party to determine a solution or negotiation to a problem.
An example of an arbitration would be when two people who are divorcing cannot agree on terms and allow a third party to come in to help them negotiate.
arbitration definition by Webster's New World
- arbitrational adjective
arbitration definition by American Heritage Dictionary
arbitration - Business Definition
arbitration - Computer Definition
A set of rules for allocating machine resources, such as memory or peripheral devices, to more than one user or program.
arbitration - Cultural Definition
The settling of disputes (especially labor disputes) between two parties by an impartial third party, whose decision the contending parties agree to accept. Arbitration is often used to resolve conflict diplomatically to prevent a more serious confrontation.
arbitration - Investment & Finance Definition
A binding dispute-resolution process in which an impartial person or group of people hear the facts and decides how the matter should be resolved. Arbitration has the effect of a court order. Many brokerage firms require their clients to sign agreements stating that they will use arbitration, rather than take legal action, in the event that there is a disagreement. Stock, futures, or options exchanges, and other professional or regulatory associations are often involved in administering arbitration proceedings. Arbitration contrasts with mediation, which isn’t binding on the parties.
arbitration - Legal Definition