noun
- the process of settling a dispute by having an impartial third party make a binding decision
Usage: legal
Examples
- The labor union and management agreed to resolve their contract dispute through arbitration.
- International arbitration is often used to settle trade disagreements between countries.
- The arbitration process took three months to complete.
- Both parties must accept the arbitrator’s decision as final and binding.
- Many employment contracts include mandatory arbitration clauses.
- The company preferred arbitration over going to court because it was faster and less expensive.