Law Dictionary Definitions

arbitrium (ahr-bi-tree-<<schwa>>m). [Law Latin] An award; a decision of an arbitrator. [Blacks Law 8th]

arbitrement.Archaic. See ARBITRAMENT. [Blacks Law 8th]

arbitrator,n. A neutral person who resolves disputes between parties, esp. by means of formal arbitration.  ME-DIATOR;  ARBITER.  —  Also  termed  (in  Latin)  compromissarius.  [Cases: Arbitration    26, 29. C.J.S. Arbi-tration §§ 58, 60, 62, 68, 107, 109.] — arbitratorship,n. [Blacks Law 8th]

arbitration  clause.A  contractual  provision  mandating  arbitration  —  and  thereby  avoiding litigation  —  of  dis-putes  about  the  contracting  parties’  rights,  duties,  and  liabilities.  [Cases: Arbitration    1.1. C.J.S. Arbitration §§ 2, 6.] [Blacks Law 8th]

arbitration of exchange.The simultaneous buying and selling of bills of exchange in different international  markets,  with  the  hope  of  profiting  from  the  price  difference  of  the  currencies  in those markets. See ARBITRAGE; DRAFT(1). [Blacks Law 8th]

arbitration  bond.A  performance  bond  executed  by  the   parties  in  an  arbitration.  See PERFORMANCE BOND(1). [Blacks Law 8th]

arbitration board.A  panel of arbitrators appointed to  hear and  decide a  dispute according to the rules of arbi-tration. [Cases: Arbitration    26. C.J.S. Arbitration §§ 60, 62.] [Blacks Law 8th]

arbitration  and  award.An  affirmative  defense  asserting  that  the  subject  matter  of  the  action has already been settled in arbitration. [Blacks Law 8th]

arbitration act.A federal or state statute providing for the submission of disputes to arbitration. [Cases: Arbitra-tion    2. C.J.S. Arbitration § 4.] [Blacks Law 8th]

arbitration,n. A method of dispute resolution involving one or more neutral third parties who are  usu.  agreed  to  by  the  disputing  parties  and  whose  decision  is  binding.  —  Also  termed (redundantly) binding arbitration. Cf. MEDIATION(1). [Cases: Arbitration    1. C.J.S. Arbitration §§ 2–3.] — arbitrate,vb. — arbitral,adj. ad hoc arbitration.Arbitration of only one issue. adjudicative-claims arbitration.Arbitration…