Arbitration
[ahr-bi-trey-shuh n]
A process to resolve a dispute between negotiating parties who have reached a deadlock in their negotiation. The parties in dispute are referred to a ‘third party’, which is one that is either agreed upon by the parties in dispute, or as provided by legislated law. The third party renders a judgment that is binding on the parties in dispute. Arbitration is often used in international negotiations and in collective bargaining.
Rate this Article
Loading...YOU MAY ALSO LIKE
Success in China - The Celanese Joint Venture
The importance of taking a long-term view when planning one's objectives despite various cultural values and practices is shown by this case study.
read more
Improve your Employees' Negotiation Skill Outcomes
Five essential negotiation questions that all negotiators need to ask to get better results and outcomes with their customers.
read more
Overconfidence in Negotiation
This case study reveals how overconfidence can negatively affect the outcome.
read more
