Definitions from Wiktionary (arbitration)

▸ noun:  The act or process of arbitrating.
▸ noun:  A process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute.
▸ noun:  In general, a form of justice where both parties designate a person whose ruling they will accept formally. More specifically in Market Anarchist (market anarchy) theory, arbitration designates the process by which two agencies pre-negotiate a set of common rules in anticipation of cases where a customer from each agency is involved in a dispute.
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