Arbitration
ARBITRA'TION, noun
1. 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.
2. A hearing before arbitrators, though they make no award. [This is a common use of the word in the United States.