arbitration (redirected from Binding arbitration)

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.

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arbitration

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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arbitration

1. Law the hearing and determination of a dispute, esp an industrial dispute, by an impartial referee selected or agreed upon by the parties concerned

2. International law the procedure laid down for the settlement of international disputes

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arbitration [‚ar·bə′trā·shən]

(computer science)

The set of rules in a computer's operating system for allocating the resources of the computer, such as its peripheral devices or memory, to more than one program or user.

(industrial engineering)

A semijudicial means of settling labor-management disputes in which both sides agree to be bound by the decision of one or more neutral persons selected by some method mutually agreed upon.