ARBITRATION: Intervention of an impartial third party to settle disputes between two others. The decisions of this third party -- the arbitrator -- are legally binding, much like the ruling of a judge in a court of law. Arbitration is commonly used to interpret a collective bargaining agreement between unions and employers. Much like a judge (in some cases it is a judge) an arbitrator determines how a given union and employer conflict stacks up against the terms of existing agreement. Note that an arbitrator doesn't try to decide what's "best, "fair," or mutually agreeable to both sides -- as would be the case with mediation -- but only what's in line with the existing agreement.

     See also | labor union | collective bargaining | strike | mediation | lockout | labor | bilateral monopoly | labor agreement |

ARBITRATION, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: December 15, 2018].

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What a bank owes, including most notably customer deposits. Bank liabilities are typically listed on the right-hand side of a bank's balance sheet. Bank assets, what a bank owns, are listed on the left-hand side of a bank's balance sheet. Net worth is the difference between assets and liabilities. The most important liability category of most bank is checkable deposits, which is part of the economy's M1 money supply. The largest liability category includes other types of deposits (especially savings deposits, certificates of deposit, and money market deposits) that enter into the M2 and M3 monetary aggregates.

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