Ăr'/bi-trā'/tion, n.

n. [Fr. arbitration, Pr. arbitracio, Lat. arbitratio, from arbitrari.] The hearing and determination of a cause between parties in controversy, by a person or persons chosen by the parties.

This may be done by one person; but it is usual to choose two or three; or for each party to choose one, and these to name a third, who is called the umpire. Their determination is called an award. Bouvier.

Arbitration bond, a bond which obliges one to abide by the award of an arbitration. — Arbitration of exchange, the operation of converting the currency of one country into that of another, through the medium of one or more intervening currencies. Davies & Peck.