arbitration
Pronunciation
  • (RP) IPA: /ˌɑː.bɪˈtɹeɪ.ʃən/, [ˌɑː.bəˈt̠͡ɹ̠eɪ.ʃn̩]
  • (GA) IPA: /ˌɑɹ.bɪˈtɹeɪ.ʃən/, [ˌɑɹ.bəˈt̠͡ɹ̠eɪ.ʃn̩]
Noun

arbitration

  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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