Arbitration meaning

ärbĭ-trāshən
The process by which the parties to a dispute submit their differences to the judgment of an impartial person or group appointed by mutual consent or statutory provision.
noun
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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.
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A method of alternative dispute resolution whereby a dispute, with the consent of all the parties, is submitted to a neutral person or group for a decision, usually including full evidentiary hearing and presentations by attorneys for the parties. Often, arbitration is the only form of proceeding permitted under the terms of contracts; see arbitration clause. See also conciliation, mediation, and summary proceeding.
noun
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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.

noun
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The act of arbitrating; specif., the settlement of a dispute by a person or persons chosen to hear both sides and come to a decision.
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A set of rules for allocating machine resources, such as memory or peripheral devices, to more than one user or program.
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Arbitration proceeding that is final and binding by prior agreement of the parties, or by legal rule or statute; no right of appeal or further proceedings. compulsory arbitration. Arbitration required by law rather than by the mutual agreement of the parties to a dispute.
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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.
noun
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A clause in a contract requiring the parties to submit all disputes arising from the contract to an arbitrator or group of arbitrators rather than to proceed with litigation. Usually, a breach or repudiation of a contract will not nullify the clause.
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Arbitration in which the parties to the dispute are not required to abide by the arbitrator or arbitrators’ decision and may ignore the decision and submit the dispute to litigation.
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noun
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A process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute.
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Origin of arbitration

  • From Middle English arbitracion, from Old French arbitration, from Latin arbitratio, from arbitrari (“to arbitrate, judge”); see arbitrate.

    From Wiktionary