definitions

Arbitration

[ahr-bi-trey-shuh n]

A process to resolve a dispute between negotiating parties who have reached a deadlock in their negotiation. The parties in dispute are referred to a ‘third party’, which is one that is either agreed upon by the parties in dispute, or as provided by legislated law. The third party renders a judgement that is binding on the parties in dispute. Arbitration is often used in international negotiations and in collective bargaining.

Back to Negotiation Definitions
1 Star2 Stars3 Stars4 Stars5 Stars Rate this Definition
Loading...

Leave a Reply

Your email address will not be published. Required fields are marked *

Sales Negotiation Training

Close more deals at higher Revenue & Margins. Tool-s...

See more

"The training was excellent and is being used on a regular basis and broadly across the..."

Honeywell