Source : Webster's Revised Unabridged Dictionary (1913)

Arbitration \Ar`bi*tra"tion\, n. [F. arbitration, L. arbitratio,
   fr. arbitrari.]
   The hearing and determination of a cause between parties in
   controversy, by a person or persons chosen by the parties.

   Note: This may be done by one person; but it is usual to
         choose two or three called arbitrators; or for each
         party to choose one, and these to name a third, who is
         called the umpire. Their determination is called the
         award. --Bouvier

   {Arbitration bond}, a bond which obliges one to abide by the
      award of an arbitration.

   {Arbitration of Exchange}, the operation of converting the
      currency of one country into that of another, or
      determining the rate of exchange between such countries or
      currencies. An arbitrated rate is one determined by such
      arbitration through the medium of one or more intervening
      currencies.



   9. (Chem.) A unit of chemical attraction; as, oxygen has two
      bonds of affinity. It is often represented in graphic
      formul[ae] by a short line or dash. See Diagram of
      {Benzene nucleus}, and {Valence}.

   {Arbitration bond}. See under {Arbitration}.

   {Bond crediter} (Law), a creditor whose debt is secured by a
      bond. --Blackstone.

   {Bond debt} (Law), a debt contracted under the obligation of
      a bond. --Burrows.

   {Bond} (or {lap}) {of a slate}, the distance between the top
      of one slate and the bottom or drip of the second slate
      above, i. e., the space which is covered with three
      thicknesses; also, the distance between the nail of the
      under slate and the lower edge of the upper slate.

   {Bond timber}, timber worked into a wall to tie or strengthen
      it longitudinally.

   Syn: Chains; fetters; captivity; imprisonment.