Arbitration

[Lat. arbitratio, arbitratus.] The investigation, before an unofficial person, of the matters in difference between contending parties, pursuant to an agreement, (usually in writing,) termed a submission.

Brande.

The adjudication upon a matter in controversy, by private individuals, selected and appointed by the parties. P. Cyclopedia.

3 Bl. Com. 16. 3 Steph. Com. 374. Billings on Awards, 3.