Arbitration for Dummies
noun
pronunciation: ,ɑrbɪ'treɪʃənWhat does Arbitration really mean?
Arbitration is a fancy way of saying that two or more people have a disagreement or a problem that they can't seem to solve on their own. When this happens, they bring in a third person called an arbitrator who acts like a fair and neutral referee. Their job is to listen carefully to both sides of the story, understand why each person is upset, and then make a decision on how to solve the problem.
Let me give you an example to help you understand better. Imagine you and your friend are arguing about whose turn it is to pick the movie for movie night. Neither of you wants to give in, and the argument starts to escalate. Instead of yelling and making things worse, you ask your mom to step in and be the arbitrator. She listens patiently to both sides, asking questions to get a clear understanding of the situation. Finally, after considering everyone's preferences and trying to find a fair solution, your mom decides that it's your turn to pick the movie this time. You may not be completely happy, but you accept it because you trust that your mom is being fair.
Now, let's talk about the definition of arbitration in a legal context. When two parties like individuals, companies, or even countries have a dispute that they can't resolve on their own, they can choose to go to court. However, taking legal disputes to court can be very time-consuming, expensive, and uncertain. That's where arbitration comes in. Instead of going to court, the parties agree to submit their conflict to an arbitrator who will resolve the matter outside of the traditional courtroom setting.
Think of it this way: Imagine you and your sibling are fighting over who gets to eat the last piece of cake. Instead of going to your parents and asking them to decide, you both agree to ask your wise and fair-minded neighbor to be the arbitrator. You each present your case, explaining why you think you should have the cake. The neighbor listens carefully, asks questions to get all the facts, and then decides that you get the cake this time because your sibling had it last time. Both of you may not be entirely satisfied, but you accept the decision because you trust your neighbor's judgment.
In summary, arbitration is a process where a neutral person helps resolve a conflict between two or more individuals or groups. This person listens to both sides, considers the evidence and arguments, and makes a decision to settle the dispute. It's like having a wise referee or someone who steps in when things get tough and helps find a fair solution.
Let me give you an example to help you understand better. Imagine you and your friend are arguing about whose turn it is to pick the movie for movie night. Neither of you wants to give in, and the argument starts to escalate. Instead of yelling and making things worse, you ask your mom to step in and be the arbitrator. She listens patiently to both sides, asking questions to get a clear understanding of the situation. Finally, after considering everyone's preferences and trying to find a fair solution, your mom decides that it's your turn to pick the movie this time. You may not be completely happy, but you accept it because you trust that your mom is being fair.
Now, let's talk about the definition of arbitration in a legal context. When two parties like individuals, companies, or even countries have a dispute that they can't resolve on their own, they can choose to go to court. However, taking legal disputes to court can be very time-consuming, expensive, and uncertain. That's where arbitration comes in. Instead of going to court, the parties agree to submit their conflict to an arbitrator who will resolve the matter outside of the traditional courtroom setting.
Think of it this way: Imagine you and your sibling are fighting over who gets to eat the last piece of cake. Instead of going to your parents and asking them to decide, you both agree to ask your wise and fair-minded neighbor to be the arbitrator. You each present your case, explaining why you think you should have the cake. The neighbor listens carefully, asks questions to get all the facts, and then decides that you get the cake this time because your sibling had it last time. Both of you may not be entirely satisfied, but you accept the decision because you trust your neighbor's judgment.
In summary, arbitration is a process where a neutral person helps resolve a conflict between two or more individuals or groups. This person listens to both sides, considers the evidence and arguments, and makes a decision to settle the dispute. It's like having a wise referee or someone who steps in when things get tough and helps find a fair solution.
Revised and Fact checked by Robert Taylor on 2023-10-28 03:58:47
Arbitration In a sentece
Learn how to use Arbitration inside a sentece
- When two people have an argument and cannot agree on something, they can ask a neutral person to help them. This person is like a referee and listens to both sides to find a fair solution. This process is called arbitration.
- Imagine you and your friend are fighting over the last piece of pizza. Instead of shouting at each other, you could ask your mom or dad to come and decide who gets it. That way, they would use arbitration to settle the argument.
- If two countries have a disagreement about their borders, instead of going to war, they might choose to have a peaceful discussion with a third country mediating the conversation. This third country would use arbitration to help them find a solution.
- In a sports game, if players from two teams cannot agree on a challenge or foul, they may call the referee to make a final decision. The referee will use arbitration to determine the right outcome.
- Sometimes, when parents get divorced, they might not agree on things like custody of their children or how to split their belongings. In such cases, they can hire someone called a family lawyer to help them negotiate and come up with a fair arrangement. This process is known as arbitration.
Arbitration Synonyms
Words that can be interchanged for the original word in the same context.
Arbitration Hypernyms
Words that are more generic than the original word.
Arbitration Category
The domain category to which the original word belongs.