Etymology
From Middle English arbitracion, borrowed from Old French arbitration, from Latin arbitratio, from arbitrari (to arbitrate, judge).
Noun
arbitration (countable and uncountable, plural arbitrations)
- The act or process of arbitrating, or making a judgment on a dispute.
- A process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute.
- 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
- arbitrational
- arbitrationism
- arbitrationist
- rearbitration
Related terms
- arbiter
- arbitrable
- arbitrage
- arbitrary
- arbitrate
- arbitrator
Credits
New World Encyclopedia writers and editors copied and adjusted this Wiktionary entry in accordance with NWE standards. This article abides by terms of the Creative Commons CC-by-sa 3.0 License (CC-by-sa), which may be used and disseminated with proper attribution. Credit for this article is due to both New World Encyclopedia contributors and the selfless volunteer contributors of the Wikimedia Foundation. To cite this article click here for a list acceptable citing formats.The history of earlier contributions at Wiktionary is accessible to researchers here:
