Arbitration

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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.


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