arbitration
//ˌɑːr.bɪˈtreɪ.ʃən//
Noun
arbitrationSingular
arbitrationsPlural
1
The process of resolving a dispute between parties by a neutral third party whose decision is binding.
The two companies agreed to settle their dispute through arbitration.
2
The hearing and determination of a case by an arbitrator.
The dispute was resolved through arbitration rather than going to court.