Definition: Arbitration
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
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