Definition - What does Arbitration mean?
Arbitration is a form of dispute resolution in which an impartial intermediary is called upon to resolve disputes between parties. The participants agree to be bound by the decision of the arbitrator, and this decision may or not be legally binding, depending on context. In the US, arbitration is frequently applied to commercial disputes.
Safeopedia explains Arbitration
OSHA calls upon arbitrators to deal with disputes resulting from allegations of violations of safety regulations by workers. Federal policy governing arbitration is laid down in the Federal Arbitration Act of 1925. Some authorities argue that arbitration that does not conclude with a binding, legally enforceable finding should rather be referred to as mediation. Arbitration has several advantages over litigation, including the ability of participants to appoint a mutually acceptable arbitrator and a quicker conclusion than that which can be obtained through litigation.