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Psychology term of the day

June 18th 2024

arbitration

arbitration

n. a method of settling controversies in which the parties involved present their arguments and supporting information to an impartial agent, such as a judge or, in a labor dispute, an arbitrator or arbitration board. By mutual agreement, the arbiter’s decision is final. This process is distinguished from mediation, in which the outside agent (the mediator or conciliator) seeks to help the parties reach a mutually acceptable agreement. —arbitrate vb.