arbitration
nounUK /ˌɑː.bɪˈtɹeɪ.ʃən/ · US /ˌɑɹ.bɪˈtɹeɪ.ʃən/
Etymology From Middle English arbitracion, borrowed from Old French arbitration, from Latin arbitratio, from arbitrari (“to arbitrate, judge”); see arbitrate.
1
The act or process of arbitrating.
2
A process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute.
3
In general, a form of justice where both parties designate a person whose ruling they will accept formally. More specifically in Market Anarchist (market anarchy) theory, arbitration designates the process by which two agencies pre-negotiate a set of common rules in anticipation of cases where a customer from each agency is involved in a dispute.
- Derived terms
- antiarbitration, arbitary, arbitrational, arbitrationism, arbitrationist, arbitration of exchange, pendulum arbitration, rearbitration
- Related terms
- arbiter, arbitrable, arbitrage, arbitrary, arbitrate, arbitrator