Arbitration

Definition

• A method used to resolve disputes that requires an impartial third party to make a reasonable and fair decision for all parties involved. The impartial third party must be agreed upon by all sides involved in the dispute before a decision can be made.

Synonyms
ruling, agreement, settlement, adjudication, determination, accord, resolution, accommodation, arrangement

Related Terms and Acronyms

• Judgement — Definition,
  • A determination by a court of law or a judicial decision.
• Mediation — Definition,
  • A method of resolving a dispute using a neutral party (a "mediator") who actively works to resolve the differences. A mediator cannot make a binding decision, as opposed to an arbitrator, who can.
• Settlement — Definition,
  • An agreement between the parties of a legal case.
• Settlement Statement — Definition,
  • A document that details who has paid how much to whom.