(n) (law) the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labor and management)
(n) the act of deciding as an arbiter; giving authoritative judgment, Syn.arbitrament, arbitrement, Example: they submitted their disagreement to arbitration
v. i. 1. To decide; to determine. Shak. [ 1913 Webster ]
2. To act as arbitrator or judge; as, to arbitrate upon several reports; to arbitrate in disputes among neighbors; to arbitrate between parties to a suit. [ 1913 Webster ]
v. t. [ imp. & p. p. Arbitrated p. pr. & vb. n. Arbitrating ] [ L. arbitratus, p. p. of arbitrari to be a hearer or beholder of something, to make a decision, to give judgment, fr. arbiter. See Arbiter. ] 1. To hear and decide, as arbitrators; as, to choose to arbitrate a disputed case. [ 1913 Webster ]
2. To decide, or determine generally. South. [ 1913 Webster ]
There shall your swords and lances arbitrate The swelling difference of your settled hate. Shak. [ 1913 Webster ]
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. [ 1913 Webster ]
☞ 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 [ 1913 Webster ]
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. [ 1913 Webster ]
n. [ L., fr. arbitrari: cf. F. arbitrateur. ] 1. A person, or one of two or more persons, chosen by parties who have a controversy, to determine their differences. See Arbitration. [ 1913 Webster ]
2. One who has the power of deciding or prescribing without control; a ruler; a governor. [ 1913 Webster ]
Though Heaven be shut, And Heaven's high Arbitrators sit secure. Milton. [ 1913 Webster ]
Masters of their own terms and arbitrators of a peace. Addison. [ 1913 Webster ]
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