ARBITRATION
Arbitration
Arbitration, a form of alternative dispute resolution, is a technique for the resolution of disputes outside the courts, where the parties to a dispute refer it to one or more persons, by whose decision they agree to be bound. It is a resolution technique in which a third party reviews the evidence in the case and imposes a decision that is legally binding for both sides and enforceable. Other forms of ADR include mediation and non-binding resolution by experts. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. The use of arbitration is also frequently employed in consumer and ...The above text is a snippet from Wikipedia: Arbitration
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arbitration
Noun
- The act or process of arbitrating.
- A process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute.
- In general, a form of justice where both parties designate a person whose ruling they will accept formally. More specifically in Market Anarchist (market anarchy) 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.
The above text is a snippet from Wiktionary: arbitration
and as such is available under the Creative Commons Attribution/Share-Alike License.