Arbitration Definition

ärbĭ-trāshən
noun
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.
Webster's New World

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.

Webster's New World Law
Wiktionary
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.
Webster's New World Finance
other
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.
Webster's New World Law
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Other Word Forms of Arbitration

Noun

Singular:
arbitration
Plural:
arbitrations

Origin of Arbitration

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

    From Wiktionary

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