n. [ F. arbitration, L. arbitratio, fr. arbitrari. ] The hearing and determination of a cause between parties in controversy, by a person or persons chosen by the parties. [ 1913 Webster ]
☞ This may be done by one person; but it is usual to choose two or three called arbitrators; or for each party to choose one, and these to name a third, who is called the umpire. Their determination is called the award. Bouvier [ 1913 Webster ]
Arbitration bond,
Arbitration of Exchange,
adj.