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arbitration

   Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson 0.01 sec.

arbitration

Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the arbitrator's decision. In medieval Europe arbitration was used to settle disputes between merchants; it is now commonly used in commercial, labour-management, and international disputes. The procedures differ from those used in the courts, especially regarding burden of proof and presentation of evidence. Arbitration avoids costly litigation and offers a relatively speedy resolution as well as privacy for the disputants. The main disadvantage is that setting guidelines is difficult; therefore the outcome is often less predictable than a court decision. See also mediation.


A set of rules for allocating machine resources, such as memory or peripheral devices, to more than one user or program.


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In settling the preliminaries of the arbitration they had, however, the misfortune to disagree, and appealed to arms.
Now when any matter is brought to arbitration, it is customary for many persons to confer together upon the business that is before them; but when a cause is brought before judges it is not so; and many legislators take care that the judges shall not have it in their power to communicate their sentiments to each other.
We turned for comfort towards our fellow sinners, America, and we prattled about conventions and arbitration, and hundred other silly abstractions.
 
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