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Arbitration clause, Binding arbitration, Compulsory arbitration, Nonbinding arbitration, Arbitrator, Arguendo

Arbitration clause. A clause in a contract requiring the parties to submit all disputes arising from the contract to an arbitrator or group of arbitrators rather than to proceed with litigation. Usually, a breach or repudiation of a contract will not nullify the clause.

Binding arbitration. Arbitration proceeding that is final and binding by prior agreement of the parties, or by legal rule or statute; no right of appeal or further proceedings.

Compulsory arbitration. Arbitration required by law rather than by the mutual agreement of the parties to a dispute.

Nonbinding arbitration. Arbitration in which the parties to the dispute are not required to abide by the arbitrator or arbitrators' decision and may ignore the decision and submit the dispute to litigation.

Arbitrator n. A neutral person who resolves disputes between parties. Usually, the parties to the dispute choose the arbitrator.

Arguendo adv. Latin. In arguing. 1 Hypothetically; for the purpose or sake of argument. A term used to assume a fact without waiving the right to question it later on. For example, a defense attorney may state to the judge: "Assuming arguendo that the defendant committed the crime, the statute of limitations prevents the state from prosecuting him for it." 2 During the course of an argument or a conversation. For example, "Mr. Smith mentioned arguendo that his client had three prior convictions."

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