From The Collaborative International Dictionary of English v.0.48:

Arbitration \Ar`bi*tra"tion\, n. [F. arbitration, L. arbitratio,
   fr. arbitrari.]
   The hearing and determination of a cause between parties in
   controversy, by a person or persons chosen by the parties.
   [1913 Webster]

   Note: This may be done by one person; but it is usual to
         choose two or three called arbitrators; or for each
         party to choose one, and these to name a third, who is
         called the umpire. Their determination is called the
         award. --Bouvier
         [1913 Webster]

   Arbitration bond, a bond which obliges one to abide by the
      award of an arbitration.

   Arbitration of Exchange, the operation of converting the
      currency of one country into that of another, or
      determining the rate of exchange between such countries or
      currencies. An arbitrated rate is one determined by such
      arbitration through the medium of one or more intervening
      [1913 Webster]
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