C1 noun /ˌɑːrbɪˈtreɪʃən/
arbitration
Schiedsverfahren
Meaning
the process of resolving a dispute through an impartial third party whose decision is binding; formal judgment outside a court
Example
The contract requires arbitration to settle any disputes.
Der Vertrag schreibt ein Schiedsverfahren zur Streitbeilegung vor.