arbitration JUST WRITTEN FOR YOU
/ˌɑː.bɪˈtɹeɪ.ʃən/ · ar.bit.ra.tion
noun
- The act or process of arbitrating. The company's arbitration process was designed to resolve disputes quickly and fairly.
- A process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute. The two countries agreed to use arbitration to settle their border dispute.
- In general, a form of justice where both parties designate a person whose ruling they will accept formally. The community used arbitration to resolve disputes among its members.
- More specifically in Market Anarchist 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. The market anarchist theory of arbitration emphasized the importance of pre-negotiated rules in resolving disputes.
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Did you know? The term 'arbitration' comes from the Latin word 'arbiter', meaning 'one who decides or judges'. In ancient Rome, an arbiter was a person who was chosen to settle disputes between two parties.