Arbitration
/ˌɑːr.bɪˈtreɪ.ʃən/
Definitions
- (n.) A method of resolving disputes outside the courts, where an impartial arbitrator renders a binding decision.
The parties agreed to resolve their contract dispute through arbitration.
Related terms
Commentary
Typically used as a binding process; important to specify the governing rules and scope of authority in the arbitration agreement.
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