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definition of the word arbitration

by the Wiktionnary

< Middle English arbitracion < Old French arbitration < Latin arbitratio < arbitrari (to arbitrate, judge); see arbitrate.

Singular
arbitration

Plural
countable and uncountable; arbitrations

arbitration (countable and uncountable; plural arbitrations)

  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-negotiate a set of common rules in anticipation of cases where a customer from each agency is involved in a dispute.


Definition from Wiktionary
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