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.

According to Juran's Quality Handbook by Defeo (7th edition),

Arbitration. Adversarial process in which parties agree to be bound by the decision of a third party. It is an attractive form of resolving differences because it avoids the high cost and long delays inherent in most lawsuits.

According to the HRBoK Guide,

Arbitration. Resolving a dispute. The process of coming to an agreement about something without usinga judge or court.


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