ARBITRATION

arbitration, arbitrament, arbitrement

(noun) the act of deciding as an arbiter; giving authoritative judgment; “they submitted their disagreement to arbitration”

arbitration

(noun) (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)

Source: WordNet® 3.1

Etymology

Noun

arbitration (countable and uncountable, plural arbitrations)

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.

Source: Wiktionary

Ar`bi*tra"tion, n. Etym: [F. arbitration, L. arbitratio, fr. arbitrari.]

Definition: The hearing and determination of a cause between parties in controversy, by a person or persons chosen by the parties.

Note: This may be done by one person; but it is usual to choose two or three called arbitrators; or for each party to choose one, and these to name a third, who is called the umpire. Their determination is called the award. Bouvier Arbitration bond, a bond which obliges one to abide by the award of an arbitration.

– Arbitration of Exchange, the operation of converting the currency of one country into that of another, or determining the rate of exchange between such countries or currencies. An arbitrated rate is one determined by such arbitration through the medium of one or more intervening currencies.

Source: Webster’s Unabridged Dictionary 1913 Edition

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