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.