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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Arbitration


Synonyms:accommodation, accord, adjudication, agreement, arrangement, determination, resolution, ruling, settlement
Filed Under: financial-banking, legal-contracts
Tags: banking, contract, legal
 

Definition of arbitration

arbitration
1. 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.

Related Terms and Acronyms:

  • judgement   A determination by a court of law or a judicial decision.
  • mediation   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   An agreement between the parties of a legal case.
  • settlement statement   A document that details who has paid how much to whom.

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