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.
☞ 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