Recent Examples of arbitration from the Web
Interest arbitration is standard for firefighter and police contracts, Malin noted.
Mercy’s contract with the two companies, which are affiliated with each other, required arbitration hearings to resolve payment disputes.
Aragon wants to use blockchain tools to manage entire organisations, complete with decentralised arbitration courts.
And some schools limit their students’ capacity to win settlements in fraud cases, by forcing them to pursue justice through arbitration instead of the court system.
Underproducing: The Yankees spent big in one area — the bullpen, re-signing Aroldis Chapman for five years and paying Dellin Betances in arbitration.
The International Association of Athletics Federations will use the new study in its appeal to the Court of Arbitration for Sport, which suspended an IAAF rule that enforced a limit on female athletes’ naturally occurring testosterone levels.
Cozart is making $5.325 million in his final year of arbitration, and has earned just more than $12 million in his career.
Stern presided over an arbitration-like hearing, which featured witnesses from the Heat and Knicks and accompanying written and digital evidence.
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
Definition of arbitration for English Language Learners
: a process of settling an argument or disagreement in which the people or groups on both sides present their opinions and ideas to a third person or group
ARBITRATION Defined for Kids
Definition of arbitration for Students
: the settling of a disagreement in which both sides present their arguments to a third person or group for decision
Legal Definition of arbitration
: the process of resolving a dispute (as between labor and management) or a grievance outside of the court system by presenting it to an impartial third party or panel for a decision that may or may not be binding — compare mediation final offer arbitration : interest arbitration in which the arbitrator must accept or reject the final offer of any party and may not decide to compromise grievance arbitration : arbitration of a dispute over something in an existing collective bargaining agreement —called also rights arbitration — compare interest arbitration in this entry interest arbitration : arbitration of a dispute over the provisions to be entered in a new contract — compare grievance arbitration in this entry rights arbitration : grievance arbitration in this entry
arbitrational\ˌär-bə-ˈtrā-shə-nəl\ play adjective
Origin and Etymology of arbitration
Latin arbitratio, from arbitrari to judge, arbitrate, from arbiter onlooker, arbitrator
Seen and Heard
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