Arbitration
Ar·bi·tra·tion
Arbitration
n.
- The hearing and determination of a cause between parties in controversy, by a person or persons chosen by the parties.
Phrases & Compounds
- Arbitration bond
- a bond which obliges one to abide by the award of an arbitration.
- Arbitration of Exchange
- the operation of converting the currency of one country into that of another, or determining the rate of exchange between such countries or currencies. An arbitrated rate is one determined by such arbitration through the medium of one or more intervening currencies.