Definition of Arbitration
Ar`bi`tra´tion
n.
1.
The
hearing
and
determination
of
a
cause
between
parties
in
controversy
,
by
a
person
or
persons
chosen
by
the
parties
.
Arbitration bond
a
bond
which
obliges
one
to
abide
by
the
award
of
an
arbitration
.
Arbitration of Exchange
the
operation
of
converting
the
currency
of
one
country
into
that
of
another
,
or
determining
the
rate
of
exchange
between
such
countries
or
currencies
.
An
arbitrated rate
is
one
determined
by
such
arbitration
through
the
medium
of
one
or
more
intervening
currencies
.
Related Words
arbitrate
,
intercede
,
intermediate
,
jurisprudence
,
law
,
liaise
,
mediate
,
mediation
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