a person chosen to decide a dispute or settle differences, especially one formally empowered to examine the facts and decide the issue.

1400–50; late Middle English arbitratour < Late Latin; see arbitrate, -tor Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
arbitrate (ˈɑːbɪˌtreɪt)
1.  to settle or decide (a dispute); achieve a settlement between parties
2.  to submit to or settle by arbitration
[C16: from Latin arbitrāri to give judgment; see arbiter]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

early 15c., from O.Fr. arbitratour (13c.), from L. arbitratorem "a spectator, hearer, witness, judge," agent noun from arbitratus, pp. of arbitrari, from arbiter (see arbiter). The legal form of popular arbiter.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Total payments are limited only by the discretion of the fund's administrator, a special arbitrator appointed by the government.
The settlement includes a proviso allowing some farmers to argue for bigger damage payments before an independent arbitrator.
The five umpires are among a group of nine an arbitrator and a federal judge ordered back to work.
Usually, the arbitrator chooses a position in between.
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