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An arbitration is a form of alternative dispute resolution where an arbitrator will act like a judge, hear both sides of the dispute and make a decision. There are two forms of arbitration: binding voluntary arbitration (cannot appeal decision) and mandatory non-binding arbitration (can appeal the decision).


 

Merriam-Webster Online Dictionary
arbitration (noun)
the action of - arbitrating , especially the hearing and determination of a case in controversy by an - arbiter
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