-

Arbitration (plural arbitrations)

Etymology

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

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 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.