| 单词 | arbitration |
| 释义 | arbitration A system for settling disputes by submitting them to the judgement of a mediator acceptable to both parties. An arbitrator may be an independent individual, or a committee, often containing nominees of both parties with an independent person in the chair. Arbitration is often used in commercial and labour disputes, as it is usually quicker and cheaper than legal or industrial action. It may be binding, where both parties are obliged by law or by contract to accept the results. Even when it is not binding, the parties may well accept the result rather than face the delays, costs and risk involved in resort to legal or industrial action. See also: pendulum arbitration |
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