What is ARBITRATION? Definition of ARBITRATION in Black's Law Dictionary
The submission for determination of disputed matter to private unofficial persons selected in manner provided by law or agreement. Stockwell v. Equitable Fire & Marine Ins. Co., 25 P.2d 873, 134 Cal.App. 534. The substitution of their award or decision for judgment of a court. In re Curtis-Castle Arbitration, 64 Conn. 501, 30 A. 769, 42 Am.St.Rep. 200; Atlantic Fruit
Co. v. Red Cross Line, D.C.N.Y., 276 F. 319; Red Cross Line v. Atlantic Fruit Co., 44 S.Ct. 274, 264 U.S. 109, 68 L.Ed. 582.
Compulsory arbitration is that which occurs when the consent of one of the parties is enforced by statutory provisions. Wood v. City of Seattle, 23 Wash. 1, 62 Pac. 135, 52 L.R.A. 369.
Voluntary arbitration Is by mutual and free consent of the parties.
The submission is an agreement by which parties agree to submit their differences to the decision of a referee or arbitrators. It is sometimes termed a reference. 3 M. & W. 816; McManus v. McCulloch, 6 Watts (Pa.) 357; Stewart v. Cass, 16 Vt. 663, 42 Am. Dec. 534; Howard v. Sexton, 4 N.Y. 157. As to "final submission," see In re Gitt, 125 N.Y.S. 369, 140 App.Div. 382. In a wide sense, "arbitration" may embrace the whole method of thus settling controversies, and include all the various steps. But in a more strict use, the term denotes only the submission and hearing, the decision being separately spoken of, and called an "award." An award is the judgment or decision of arbitrators or referees on a matter submitted to them. It is also the writing containing such judgment. Cowell; Termes de la Ley; Jenk. 137. See Award.
As distinguished from appraisal, an arbitration presupposes a controversy or a difference to be tried and decided.On the other hand, an appraisal or valuation is generally amere auxiliary feature, as of a contract of sale, the purposeof which is not to adjudicate a controversy but to avoid one. Toledo S. S. Co. v. Zenith Transp. Co., 184 F. 391, 106 C.C.A. 501.
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