arbitration arbitration /ˌɑːrbɪˈtreɪʃən/

noun

1. The act of deciding as an arbiter; giving authoritative judgment  ( arbitrament , arbitration , arbitrement )
   the act of deciding as an arbiter; giving authoritative judgment
    They submitted their disagreement to arbitration
   they submitted their disagreement to arbitration
   
2. (law) the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labor and management)  ( arbitration )
   (law) the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labor and management)