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Arbitration

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Arbitration - Context and details
Transcript
   Arbitration consists of the reference of a dispute to one or more independent persons for settlement, instead of in a court of law.  The Arbitration Agreement is the agreement between the parties to refer the decision to one or more arbitrators.  The Reference is the term which, strictly speaking, denotes the proceedings during arbitration   The Arbitrator is the person to whose decision the dispute is referred.  The Award is the arbitrator's decision.  The Umpire is a person appointed, when reference is to more than one arbitrator, to give a decision when the arbitrators fail to reach agreement.  The Umpirage is the umpire's decision.
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