arbitration (n.)

late 14c., "faculty of making a choice or decision, judgment, discretion;" early 15c., "authority or responsibility for deciding a dispute," from Old French arbitracion and directly from Latin arbitrationem (nominative arbitratio) "judgment, will," noun of action from past-participle stem of arbitrari "to be of an opinion, give a decision," from arbiter "a judge, umpire, mediator" (see arbiter). Meaning "settlement of a dispute by a third party" is from 1630s. Related: Arbitrative.