Board of Arbitration

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A panel of impartial persons appointed to resolve a dispute in an extrajudicial process. There are generally three arbitrators, but there may be up to five. Parties in arbitration agree to allow the decision of the board of arbitration to be binding and to forego the right to an appeal.

board of arbitration

A group of three to five people selected to arbitrate disputes between securities firms. The board's rulings are final for disputes in which both parties have agreed to arbitration.

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