Meaning of “arbitration” in the English Dictionary

"arbitration" in British English

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arbitrationnoun [ U ]

uk /ˌɑː.bɪˈtreɪ.ʃən/ us /ˌɑːr.bəˈtreɪ.ʃən/

(Definition of “arbitration” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"arbitration" in American English

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arbitrationnoun [ U ]

us /ˌɑr·bɪˈtreɪ·ʃən/

the formal process of having an outside person, chosen by both sides to a disagreement, end the disagreement:

Both labor and management have agreed to arbitration.

(Definition of “arbitration” from the Cambridge Academic Content Dictionary © Cambridge University Press)

"arbitration" in Business English

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arbitrationnoun [ U ]

uk /ˌɑːbɪˈtreɪʃən/ us

LAW a process in which an independent person makes an official decision that ends a legal disagreement without the need for it to be solved in court:

Arbitration is often preferred by firms in business disputes.
binding/mandatory arbitration
The Texas high court said they had to go to arbitration because that's what the signed contract required.
The dispute is in arbitration.

HR a process in which an independent official tries to avoid a strike (= situation in which workers stop working as a protest) by having discussions that end a disagreement between the workers and their employer:

Pension contribution levels have been fixed by collective bargaining and labor arbitration.

(Definition of “arbitration” from the Cambridge Business English Dictionary © Cambridge University Press)