Arbitration is a formal method of dispute resolution involving a neutral person or entity who makes a binding decision (commonly called binding arbitration). The neutral third party (the 'arbitrator', 'arbiter' or 'arbitral tribunal') renders the decision in the form of an 'arbitration award'.
Arbitration is a formal method of dispute resolution involving a neutral person or entity who makes a binding decision (commonly called binding arbitration). The neutral third party (the 'arbitrator', 'arbiter' or 'arbitral tribunal') renders the decision in the form of an 'arbitration award'.
Source: Wikipedia "Arbitration" · CC BY-SA 4.0
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