The process by which parties submit a dispute to a third party to impose a binding decision is called:

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The process described is arbitration, where a neutral third party is chosen to make a final decision that both parties must agree to abide by. Litigation refers to a court case, mediation involves a mediator helping parties come to a voluntary agreement, negotiation is the process of parties bargaining with each other, and settlement refers to the final resolution of a dispute, which could happen through any of these processes. The process described, where a third party makes a decision to settle a dispute, is known as arbitration. Litigation is a legal process where disputes are resolved in court, while mediation and negotiation are processes where parties work towards a mutually agreeable resolution without involving a third party. Settlement may refer to a negotiated agreement between parties, but it does not necessarily involve a third party decision-maker.

The Process by Which Parties Submit a Dispute to a Third