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UPDATED: Aug 14, 2020
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a determination made by impartial persons (often experts) as to the value of property or the extent of damage. In arbitration the proceeding is typically far less formal that a court proceeding, but the decision of the abitrator(s) is final, absent fraud. Arbitration is typically used as an alternative to formal court-based litigation in which the determination is made by a judge and/or jury operating according to all legal rules.