Arbitration refers to the formalized system for dealing with grievances and administering corrective justice to parties in a bargaining situation.

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Arbitration is a formal process used to resolve disputes between parties in a bargaining situation, such as in labor or commercial contracts. It involves a neutral third party making a binding decision after hearing arguments and evidence from both sides. This decision is intended to provide corrective justice for any wrongdoing, and is enforceable by law.

Arbitration Refers to the Formalized System for Dealing with Grievances