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. You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA. MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject. |
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