Settlement of a dispute (whether of fact, law, or procedure) between parties to a contract by a neutral thirdparty (the arbitrator) without resorting to court action. Arbitration is usually voluntary but sometimes it isrequired by law. If both sides agree to be bound by the arbitrator's decision (the 'award') it becomes a binding arbitration. The exact procedure to be followed (if not ... Read more

USAGE EXAMPLE

In order to finalize their divorce, the couple had consented to arbitration to divide up their personal possessions, investments and assets.