Arbitration
Arbitration is the most definitive type of third-party intervention, in which the arbitrator usually has the power to determine and dictate the settlement terms. Unlike mediation and fact finding, arbitration can guarantee a solution to an impasse. Arbitration may also be voluntary or compulsory (in other words, imposed by a government agency).
Arbitration definition in Contemporary Business
Arbitration is the bringing in an impartial third party called an arbitrator to render a binding decision in a dispute.
Webster Dictionary Meaning
1. Arbitration
- The hearing and determination of a cause between
parties in controversy, by a person or persons chosen by the parties. Category: HRM & Labor Studies
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