Recent Examples of arbitration from the Web
Like Romine, Presley was arbitration-eligible but the Tigers did not get to the point of non-tendering him before moving on.
Under the bill, someone who is disciplined could appeal to an arbitrator or to a circuit court, and those who choose arbitration could then appeal the arbitrator's decision to a circuit court.
So arbitration hearings typically involve larger debts – an average of almost $16,000.
The overturned rule would have prevented banks and others from including clauses in consumer contracts offering arbitration as the only method of settling disputes.
For years, Wells Fargo used arbitration clauses to block lawsuits from customers who alleged that unauthorized accounts had been opened in their names.
In the past, representatives of and lobbyists for the financial industry have argued that arbitration is better for both companies and consumers, because class-action lawsuits can be time-consuming and expensive.
Senate Republicans have passed a repeal of rules that allowed people to sue banks and credit card companies in class-action suits instead of forced arbitration, in which consumers have to take on banks one-on-one.
These merger conditions protected smaller rivals with an arbitration requirement.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'arbitration.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
Are arbiter and arbitration arbitrary?
A large portion of the words we use today come from Latin roots. Many of these words retain a meaning that is closely related to their Latin ancestor, although sometimes they will drift a considerable distance from their roots (sinister, for instance, had the meaning of “on the left side” in Latin, but also meant “unlucky, inauspicious”). In some instances, a single Latin word will give rise to multiple words in English, some of which have strayed in meaning, and others which have not.
An example of this may be found in our word arbiter. We trace it to the Latin root with the same spelling, arbiter, meaning “eyewitness, onlooker, person appointed to settle a dispute.” A number of English words stem from the Latin arbiter, many of which have to do with judging or being a judge. An arbiter is a judge, and arbitration is the act of judging, or serving as an arbiter. Yet the most common meaning of arbitrary is “existing or coming about seemingly at random or by chance or as a capricious and unreasonable act of will,” which seems to be quite a bit different in meaning from the other two words. Arbitrary does indeed come from the same Latin root, and its oldest meaning in English was “depending on choice or discretion particularly regarding the decision of a judge or a tribunal.” But over time it developed additional senses that are somewhat removed from that initial meaning.
Origin and Etymology of arbitration
Financial Definition of ARBITRATION
What It Is
Arbitration is a process in which impartial parties (arbitrators) help disagreeing parties resolve a dispute. Contracts, particularly financial ones, with disputes often go to arbitration.
How It Works
In the financial world, arbitration sometimes begins with filing a statement of claim with the Financial Industry Regulatory Authority (FINRA). The claim describes who is involved, the nature of the problem, evidence related to the dispute, and the amount of the claim. (The arbitration process is simplified for claims below $25,000 and often does not require in-person meetings.)
Once the arbitration panel is assembled and the parties involved formally agree to abide by the panel's decision, the claimant pays for the arbitration fees and the arbitration begins. Arbitrators are usually very knowledgeable in the areas in which they arbitrate. It can take well over a year to complete the process, from filing to decision.
Why It Matters
The idea behind arbitration is to avoid long and expensive litigation. The process is generally cheaper than litigation, and it allows individuals to represent themselves more easily (though they may have legal representation if they choose).
However, financial contracts including those related to brokerage accounts, credit cards, loans, some utility contracts, etc. often contain mandatory arbitration clauses whereby the arbitration board is populated with members of an association to which the counterparty belongs. Thus, bias toward one of the parties can be a problem. Also, it is very difficult to appeal an arbitration decision (as opposed to court decisions, which are appealed all the time).
ARBITRATION Defined for English Language Learners
ARBITRATION Defined for Kids
legal Definition of arbitration
arbitrationalplay \ˌär-bə-ˈtrā-shə-nəl\ adjective
Origin and Etymology of arbitration
Seen and Heard
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