\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.