The-definition.com

Definition

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.
Share it:  Cite

More from this Section

  • Hawthorne effect
    Hawthorne effect is a term produced as a result of an experiment conducted by Elton Mayo ...
  • Job title
    Job title is a specific name given to a particular job which is used to distinguish that ...
  • Polycentric
    Polycentric refers to a conscious belief that only host-country managers can ever really ...
  • Negligent training
    Negligent training is a situation where an employer fails to train adequately, and the ...
  • Employee self-service
    Employee self-service is a trend in human resource management that allows employees to ...