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Legal Definitions
Term: arbitration
1.
A method of alternative dispute resolution involving a decision-maker, known as an arbitrator. Such clauses frequently appear in commercial contracts. Arbitrations are conducted in a judicial manner. The arbitrator's decisions (referred to as awards) are usually binding.
Usage: The dispute was referred to arbitration for resolution.
Related Words: arbitrator; alternative dispute resolution; ADR; mediation; negotiation; conciliation; litigation.
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