Business Law CH 4

Settlement of a dispute (whether of fact, law, or procedure) between parties to a contract by a neutral third party (the Arbitrator) without resorting to court action.

action in mediating  between parties, as to effect an agreement or reconciliation.

Bargaining (give and take) process between two or more parties (each with its own aims, needs, and viewpoints) seeking to discover a common ground and reach an agreement to settle a matter of mutual concern or resolve a conflict.