English · Work & Business
arbitration
/ˌɑːr.bɪˈtreɪ.ʃən/
[/ˌɑːr.bɪˈtreɪ.ʃən/]
binding dispute resolution
Advancednoun
Definition
The process of settling a dispute by having an independent person make a binding decision.
Example
Both sides agreed to arbitration, accepting that the arbitrator's decision would be final.
Both sides agreed to arbitration, accepting that the arbitrator's decision would be final.
Etymology
From Latin 'arbitratio', from 'arbitrari' (to judge), from 'arbiter' (a judge, witness).
How & Where It’s Used
Used in legal and commercial disputes, often instead of court.