Dictionary of Procurement Terms

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Search Results: 1-4 of 4 results for “Arbitration”

  • American Arbitration Association (AAA)

    A not-for-profit organization that provides resources for Alternative Dispute Resolution (ADR).

  • Arbitration

    1. A process by which a dispute between parties is presented to one or more disinterested parties (arbitrators or neutrals) for a decision, whose decision the contending parties agree to accept with no further appeal process. Also known as binding arbitration. 2. The resolution of a conflict between parties by a party removed from the dispute. 3. A form of Alternative Dispute Resolution.

  • Binding Arbitration

    Specific to Alternative Dispute Resolution (ADR), binding arbitration involves the presentation of a dispute to an impartial or neutral individual or panel for issuance of a binding decision. The parties usually have the ability to decide who the individuals are that serve as arbitrators.

    See Also: Arbitration

  • Mediated Arbitration

    An alternate dispute resolution (ADR) process frequently referred to as “med-arb.” It begins as mediation until an impasse is reached. When an impasse is reached, the neutral party is authorized by the parties to issue a binding opinion on the cause of the impasse or the remaining issues in dispute.