The referral of collective bargaining or grievance disputes to an impartial third party. Usually the arbitrator's decision is final and binding, although there is "advisory arbitration" in which the decision of the arbitrator is taken under advisement by the parties.
Source: U.S. Department of Labor
A process for settling disputes between parties that is less structured than court proceedings. NFA’s arbitration program provides a forum for resolving futures-related disputes between NFA members or between NFA members and customers. Other forums for customer complaints include the American Arbitration Association.
Source: Commodity Futures Trading Commission
The hearing of a dispute by an impartial third person or persons (chosen by the parties), whose award the parties agree to accept.
Source: U.S. Courts
Source: California Courts.