arbitration
A voluntary process for dispute resolution in which an impartial person or group, called an arbitrator, hears arguments by opposing sides and issues a decision. Arbitration can be binding or non-binding. The decision in binding arbitration is final and enforceable. By contrast, the arbitrator in a non-binding arbitration case can recommend a resolution, but neither party is obligated to accept it.
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National Association of Securities Dealers (NASD)
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