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What does arbitration mean?

Looking for the meaning or definition of the word arbitration? Here's what it means.

Noun
  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 (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.
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The minority shareholder would not have been in a position in the arbitration proceedings to pursue oppression remedies.
In an effort to jump-start stalled talks, federal mediators have offered binding arbitration to Northwest Airlines and the company's mechanics.
She was awarded temporary reinstatement on full salary, pending the final arbitration report.
They sign a binding arbitration agreement, which means they agree that whatever we decide is what happens.
In any case, the arbitration is going forward and his piece reads like he does not expect the organisation to emerge unscathed.
Transboundary disputes are rather more likely to be suitable for adjudication or arbitration than global or regional environmental problems.

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