Definition: Arbitration is a conflict resolution method outside the court, in which 2 or more parties agree in advance to be bound by the decision ("award") to be taken by one or more arbiters (a neutral, third party) after a hearing at which both parties have an opportunity to be heard. |
More on conflict resolution: Disagreeing, Favoritism, Mediation, Nonviolent Communication. MBA Brief provides concise yet precise definitions of organizational concepts, management methods, and business models as taught in an MBA program. We keep it short and provide links to high-quality websites where you can learn more about your topic. |
© 2024 MBA Brief - Last updated: 4-10-2024 - Privacy | Terms