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

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.
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