Arbitration
Arbitration is a process in which the parties involved agree to submit an unresolved dispute to a neutral third party, whose decision is final and binding.
Definitions
According to Labor Relations and Collective Bargaining by Michael R. Carrell and Christina Heavrin (10th edition),
- Arbitration. A process in which the parties involved agree to submit an unresolved dispute to a neutral third party, whose decision is final and binding.
According to Marketing Management by Keller and Kotler (15th edition),
- Arbitration. To resolve a conflict, when two parties agree to present their arguments to one or more arbitrators and accept their decision.
According to the Juran's Quality Handbook by Defeo (7th edition) ,
- Arbitration. Adversarial process in which parties agree to be bound by the decision of a third party. It is an attractive form of resolving differences because it avoids the high cost and long delays inherent in most lawsuits.
Related concepts
- Labor relations. The systematic study of attitudes, motivations, and behaviors which two or more job-market actors assume toward each another.
