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arbitration

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arbitration


  2  definitions  found 
 
  From  Webster's  Revised  Unabridged  Dictionary  (1913)  [web1913]: 
 
  Arbitration  \Ar`bi*tra"tion\,  n.  [F.  arbitration,  L.  arbitratio, 
  fr  arbitrari.] 
  The  hearing  and  determination  of  a  cause  between  parties  in 
  controversy,  by  a  person  or  persons  chosen  by  the  parties. 
 
  Note:  This  may  be  done  by  one  person;  but  it  is  usual  to 
  choose  two  or  three  called  arbitrators;  or  for  each 
  party  to  choose  one  and  these  to  name  a  third  who  is 
  called  the  umpire.  Their  determination  is  called  the 
  award.  --Bouvier 
 
  {Arbitration  bond},  a  bond  which  obliges  one  to  abide  by  the 
  award  of  an  arbitration. 
 
  {Arbitration  of  Exchange},  the  operation  of  converting  the 
  currency  of  one  country  into  that  of  another,  or 
  determining  the  rate  of  exchange  between  such  countries  or 
  currencies.  An  arbitrated  rate  is  one  determined  by  such 
  arbitration  through  the  medium  of  one  or  more  intervening 
  currencies. 
 
  From  WordNet  r  1.6  [wn]: 
 
  arbitration 
  n  1:  negotiation  to  resolve  differences  conducted  by  some 
  impartial  party  [syn:  {mediation}] 
  2:  the  act  of  deciding  as  an  arbiter;  giving  authoritative 
  judgment;  "they  submitted  their  disagreement  to 
  arbitration"  [syn:  {arbitrament},  {arbitrement}] 




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