arbitration
UK /ˌɑː.bɪˈtɹeɪ.ʃən/ US /ˌɑɹ.bɪˈtɹeɪ.ʃən/
noun 3
Definitions
noun
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-negotiat
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