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the settling of a dispute by a third party who may or may not have been named in an arbitration clause of a contract. Both parties agree to this third party and agree to accept his/her decision.

money that is owed to someone but has not been paid on the agreed date

the document that specifies the way in which a company regulates its affairs. It deals with things such as the appointment of company directors or the rights of shareholders. In the USA they are called the bylaws.