Legal Definition of Arbitration: The submission by two contesting parties of their disagreement to an impartial arbitrator, usually agreeing that his ruling in the dispute will be binding and final | Looking for a comprehensive guide on the legal definition of arbitration? Learn how this alternative dispute resolution method can benefit business owners with its confidentiality, expertise, efficiency, and flexibility. Discover real-life examples and make informed decisions when faced with conflicts. Click here to delve into the world of arbitration