Webster
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Webster’s Revised Unabridged Dictionary · 1913

Arbitration

Ar′bi·tra′tion (är′bĭ·trā′shŭn), 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.

☞ 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

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 currencies.

Webster’s Revised Unabridged Dictionary, Noah Porter, editor (Springfield, Mass.: G. & C. Merriam, 1913). Public domain. Text as transcribed by MICRA, Inc., from Project Gutenberg. Changed for Deep Dive Bible: Greek, which our source spelled in Latin letters, set in Greek letters; entries of one spelling merged into one article; Greek words our source left out (shown as “?”), read from the 1898 printing, from the same plates (the Library of Congress’s copy), where the place could be found with certainty. Of the others, 1,362 (a word or a single letter each) were inferred by AI from the context by the dictionary’s own rules and are marked with a wavy underline (tap or point at one to see the note); the rest, which could not be inferred with confidence, are left as “?”.