Etymology
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arbitration (n.)

late 14c., "faculty of making a choice or decision, judgment, discretion;" early 15c., "authority or responsibility for deciding a dispute," from Old French arbitracion and directly from Latin arbitrationem (nominative arbitratio) "judgment, will," noun of action from past-participle stem of arbitrari "to be of an opinion, give a decision," from arbiter "a judge, umpire, mediator" (see arbiter). Meaning "settlement of a dispute by a third party" is from 1630s. Related: Arbitrative.

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Definitions of arbitration

arbitration (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);
arbitration (n.)
the act of deciding as an arbiter; giving authoritative judgment;
they submitted their disagreement to arbitration
Synonyms: arbitrament / arbitrement
From wordnet.princeton.edu