Webster's English Dictionary

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arbitration

ar.bi.tra.tion \.a:r-b*-'tra--sh*n\ \-shn*l, -sh*n-*l\ n : the act of 
   arbitrating; esp : the hearing and determination of a  case in controversy 
   by a person chosen by the parties or appointed under statutory authority - 
   ar.bi.tra.tion.al aj