| Arbitration |
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An
informal hearing held regarding a dispute. The dispute is judged by
a group of people (generally three) who have been selected by an impartial
panel. Once a decision has been reached, there is no appeal process
with arbitration.
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It
seems as if all professional athletes are taking this path when it
comes to negotiating a new contract. Essentially one party aims unrealistically
high and the other one aims really low and the result is usually a
settlement somewhere in the middle. |
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