1. to act as arbiter upon (a disputed question) : to settle (a dispute between two people or groups) after hearing the arguments and opinions of both. To make an official decision that ends a legal disagreement between people or groups without the need for the disagreement to be solved in court.Arbitration is a method of resolving disputes outside of the traditional court system. MINIMUM QUALIFICATIONS: The minimum qualifications for appointment to the panel of arbitrators are defined in Nevada Arbitration Rule 7. 3. NRS 38.209 Arbitratordefined. (1) Applicant must meet the qualifications as defined in Nevada. Arbitration Rule 7. (attached).