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Arbitration, in the context of law, is a form of alternative
dispute resolution — specifically, a legal alternative to litigation whereby the
parties to a dispute agree to submit their respective positions (through
agreement or hearing) to a neutral third party (the arbitrator(s) or arbiter(s))
for resolution.
Arbitration may also serve a distinct purpose: as an alternative to strikes and
lockouts as a means of resolving labor disputes. Labor arbitration comes in two
varieties: interest arbitration, which provides a method for resolving disputes
about the terms to be included in a new contract when the parties are unable to
agree, and grievance arbitration', which provides a method for resolving
disputes over the interpretation and application of a collective bargaining
agreement.
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