Arbitration
Part of speech: noun
Definition: the act or process of arbitrating a process through which two or more parties use an arbitrator or arbiter in order to resolve a dispute In 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: Compulsory arbitration is a practical instrument of pacification and, as such, it can and should be enacted by the Hague Conference.
Arbitrament
Part of speech: noun
Definition: the judgement of an arbiter or arbitrator; an arbitration