arbitration background

arbitration

/ˌɑː.bɪˈtɹeɪ.ʃən/ /ˌɑɹ.bɪˈtɹeɪ.ʃən/

Illustration arbitration - Image 1

noun

Arbitraje

The act or process of arbitrating.

Examples :

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

La familia utilizó el arbitraje para resolver su desacuerdo sobre quién podía usar la cama elástica del patio trasero.

law business process economy

Illustration arbitration - Image 1

Illustration arbitration - Image 2

noun

Arbitraje

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. "

Después de no ponerse de acuerdo sobre los términos del contrato, la empresa y el proveedor acordaron someter su disputa a arbitraje.

law business process government organization

Illustration arbitration - Image 1

noun

Arbitraje

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. "

Los vecinos acordaron un arbitraje para resolver su disputa sobre la valla del jardín compartido.

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