arbitration background

arbitration

/ˌɑː.bɪˈtɹeɪ.ʃən/ /ˌɑɹ.bɪˈtɹeɪ.ʃən/

Illustration arbitration - Image 1

noun

Schiedsverfahren, Streitschlichtung

The act or process of arbitrating.

Examples :

"The family used arbitration to settle their disagreement about who got to use the backyard trampoline. "

Die Familie nutzte ein Schiedsverfahren, um ihren Streit darüber beizulegen, wer das Trampolin im Garten benutzen durfte.

law business process economy

Illustration arbitration - Image 1

Illustration arbitration - Image 2

noun

Schiedsverfahren, Streitschlichtung

A process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute.

Examples :

"After failing to agree on the terms of the contract, the company and the supplier agreed to submit their dispute to arbitration. "

Nachdem sie sich nicht auf die Vertragsbedingungen einigen konnten, einigten sich das Unternehmen und der Lieferant darauf, ihren Streit einem Schiedsverfahren zu unterziehen.

law business process government organization

Illustration arbitration - Image 1

noun

Schiedsverfahren, Schlichtung

In general, a form of justice where both parties designate a person whose ruling they will accept formally. More specifically in Market Anarchist (market anarchy) theory, arbitration designates the process by which two agencies pre-negotiate a set of common rules in anticipation of cases where a customer from each agency is involved in a dispute.

Examples :

"The neighbors agreed to arbitration to settle their dispute over the shared garden fence. "

Die Nachbarn einigten sich auf ein Schiedsverfahren, um ihren Streit über den gemeinsamen Gartenzaun beizulegen.

politics theory government right philosophy action value system process organization law economy society business service