Arbitration
Type: noun, legal term
Pronunciation: /ar-bi-tray-shun/
Also spelled or known as: Binding Arbitration, Private Dispute Resolution
Plural: Arbitrations
What does Arbitration mean? A legal process where a neutral third party resolves a dispute outside of court.
Arbitration is a dispute resolution process in which an independent third party, known as an arbitrator, reviews a disagreement and issues a decision.
Many music and entertainment agreements require arbitration instead of courtroom litigation.
Arbitration can be binding or non-binding depending on the contract terms.
Arbitration synonyms: Private dispute resolution
Example sentence: “The royalty dispute was settled through arbitration.”
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