/ˈsɛtlmənt baɪ ˌɑːrbɪˈtreɪʃən/ – Phrase
Definition: giải quyết bằng trọng tài.
A more thorough explanation: Settlement by arbitration refers to the resolution of a legal dispute between parties through the use of an arbitrator or arbitration panel. In this process, the parties agree to submit their dispute to arbitration, where a neutral third party (the arbitrator) hears arguments and evidence from both sides and issues a binding decision to resolve the dispute. This decision is known as an arbitral award, and once issued, it is legally binding on the parties involved.
Example: The parties agreed to resolve their dispute through settlement by arbitration, as outlined in the contract.