Difference between Arbitrament and Arbitration

Arbitrament

Part of speech: noun

Definition: the judgement of an arbiter or arbitrator; an arbitration

Arbitration

Part of speech: noun

Definition: the act or process of arbitratinga process through which two or more parties use an arbitrator or arbiter in order to resolve a disputeIn general, a form of justice where both parties designate a person whose ruling they will accept formally. More specifically in Market Anarchist (market anarchy) theory, arbitration designates the process by which two agencies pre-negotiate a set of common rules in anticipation of cases where a customer from each agency is involved in a dispute.

Example sentence: When will mankind be convinced and agree to settle their difficulties by arbitration?