Arbitration (noun)

1. The use of an arbitrator to settle a dispute.
2. The process of submitting a dispute to arbitration.

Origin:

From latin arbitrātiōnem, accusative singular of arbitrātiō.

Examples:

1. The arbitration process was faster and less expensive than going to court.
2. The two parties agreed to enter into arbitration to resolve their dispute.
3. The arbitrator's decision was binding on both parties.
4. The company's policy required all disputes to be resolved through arbitration.
5. The labor union and management agreed to arbitration as a way to avoid a strike.