arbitration
noun [ U ]
uk/ˌɑːbɪˈtreɪʃən/ us LAW
a process in which an independent person makes an official decision that ends a legal disagreement without the need for it to be solved in court:
Arbitration is often preferred by firms in business disputes.
binding/mandatory arbitration
The Texas high court said they had to go to arbitration because that's what the signed contract required.
The dispute is in arbitration.
HR
a process in which an independent official tries to avoid a strike (= situation in which workers stop working as a protest) by having discussions that end a disagreement between the workers and their employer:
Pension contribution levels have been fixed by collective bargaining and labor arbitration.