Difference between revisions of "Arbitration"
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Revision as of 17:45, 3 June 2020
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.
Related concepts
- Labor relations. The systematic study of attitudes, motivations, and behaviors which two or more job-market actors assume toward each another.
