arbitration (/ˌɑːr.bɪˈtreɪ.ʃən/)
noun · Advanced · Work & Business
🔊 /ˌɑːr.bɪˈtreɪ.ʃən/
Meaning
Meaning: binding dispute resolution
The process of settling a dispute by having an independent person make a binding decision.
Examples
🗣 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.
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Tags: legal, negotiation