Arbitrium (noun):
1. A Latin term referring to the exercise of judgment, discretion, or decision-making power by an individual or a group, especially in legal or authoritative matters.
2. In ancient Roman law, the process of resolving disputes or making decisions through the appointment of an arbitrator or an arbiter, who acts as an impartial third party.
3. The act of making a choice or decision based on personal preference or subjective opinion, often without strict adherence to objective criteria or rules.
4. In philosophy, the concept of free will or the ability to make choices independently, without external coercion or determinism.
5. Figuratively, the term can also be used to describe a situation or circumstance where one’s fate or outcome is determined by chance, luck, or unpredictable factors.
Arbitrium is a Latin term that refers to the power or authority to make a decision or judgement. In legal contexts, it often refers to the power of an arbitrator or arbiter to make a binding decision in a dispute between parties. Arbitration is a form of alternative dispute resolution that involves the use of an impartial third party to resolve disputes outside of the court system. The arbitrator’s decision is typically final and binding, and the parties agree to abide by the decision as a condition of participating in the arbitration process. Arbitration is often used in commercial disputes, labor disputes, and other types of legal disputes where the parties prefer to avoid the time and expense of going to court.
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This glossary post was last updated: 30th March 2024.
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