Arbitration refers to the resolution of a conflict by a neutral third party who studies both sides and imposes a settlement. It a form of Negotiation to resolve differences conducted by some impartial party

See also:
"Arbitration" is in the CPC Code "82191"
  Arbitration and conciliation services

"Arbitration" is in the NAICS Code "541990"
  All Other Professional, Scientific, and Technical Services
  Arbitration and conciliation services (except by lawyer, attorney, or paralegal offices)

Other /More definition:
Arbitration refers to a method of resolving conflicts in which a neutral third party is asked to choose which side is correct; resolution of a conflict by a neutral third party who studies both sides and imposes a settlement

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