Proceeding for settling a dispute in which disputes are given to a third party or panel of experts to hear two sides of the story and who has power to make a legal binding decision for both parties on the case.
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US: Arbitration: A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to responsibility for or extent of a loss.
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UK: An alternative to going to court for the settlement of a dispute. An independent arbitrator hears the case and makes an award in accordance with the Arbitration Act 1996. See ALTERNATIVE DISPUTE RESOLUTION.
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An alternative to litigation by submitting a dispute to the judgment of a specified number of disinterested persons called “arbitrators,” whose decision called an “award” is binding on the parties. (I)Form of Alternative Dispute Resolution (II) Alternative to court room litigation (III) Parties submit their disputes to a NEUTRAL third party called the Arbitrator (s) or Arbiter (s) for resolution (IV) Binding dispute resolution, equivalent to litigation in the courts.
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UK: an alternative to litigation for the settlement of insurance disputes; contracts often specify the place of arbitration in the event of a dispute.