arbitration

[In Fr. arbitration; Port. arbitração; Lat. arb it ratio = decision, will; from arbitror.] [ARBITRATE.] A. Ordinary Language: 1. The decision of a case by means of an arbitrator. (B. 1, Law.) 2. Final decision of a matter in dispute or in doubt, without reference to the method by which this is effected. the will And arbitration wise of the Supreme." Cowper: Task , bk. ii. there was little chance that they would submit to any arbitration but that of the sword."Macaulay: Hist . Eng ., ch. xxiii. B. Technically : 1. Law : The decision of a case not by a judge of a law court, but by an arbitrator or arbitrators, that is, by a person or persons to whom the contending parties mutually consent to submit their differences. When there are more than one, and they disagree in what is termed their award, a third person, called an umpire, is in general called in to give a final decision. When the arbitrators and umpire do their duty well, their verdict may be enforced by a court of law. 2. Comm. Arbitration of Exchange: The operation of converting the currency of any country into that of a second one by means of other currencies intervening between the two. arbitration bond, Law : A bond which is generally entered into by parties wishing to submit their differences to arbitration. It binds them to acquiesce in the award given. ( Black stone : Comment., bk. iii., ch. 1.)