Arbitration

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.

Related lectures

• Introduction to Labor Relations.