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. It is a system of redress which provides an independent mechanism to resolve consumer-business disputes when other means fail.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. It means that in Virginia, any two parties can agree to waive their right to a jury trial, and submit all disputes to Arbitration. The Filing Party has a choice to arbitrate against only the signatory party or file an action for recovery in a court against all negligent parties. What is Arbitration? This chapter shall be applied as remedial legislation to promote fair and ethical standards of dealings between suppliers and the consuming public.