arbitration

Definitions

General English

Construction

  • The process by which parties agree to submit their disputes to the determination of a third, impartial party (referred to as the arbitrator), rather than pursuing their claims before a judge and jury in a court of law. Parties often agree in advance to binding arbitration of disputes, either as a clause in the contract or at the occurrence of a dispute. This method of avoiding litigation can save both time and money.

Economics

  • noun the settlement of a dispute by the two parties concerned, using an arbitrator (an outside person chosen by both sides)

Electronics

  • The set of rules a computer uses to allocate its resources among users and programs. This contrasts with interrupts, which refer specifically to the microprocessor's resources.

Forex

  • A hearing involving a dispute.  When a trader and a broker cannot resolve a dispute on their own, they may seek assistance from an impartial third party, known as an arbitrator. An arbitrator's decision is usually final.

Law

  • noun the settling of a dispute by an outside person or persons agreed on by both sides
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