Longman Dictionary of Contemporary English homepage

arbitration

 noun
     
ar‧bi‧tra‧tion [uncountable]
the process of judging officially how an argument should be settled:
The dispute is going to arbitration (=someone is being asked to arbitrate).
Both sides in the dispute have agreed to binding arbitration.
Definition from the Longman Dictionary of Contemporary English
Advanced Learner's Dictionary.
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