Arbitrator.

A private, neutral person chosen to arbitrate a disagreement, as opposed to a court of law. An arbitrator could be used to settle any non-criminal dispute, and many business contracts make provisions for an arbitrator in the event of a disagreement. Generally, resolving a disagreement through an arbitrator is substantially less expensive than resolving it through a court of law.

Originally posted by : Ritesh Khemka
	What is mean by an 'arbitrator'  ? ( for 5 marks.)

Arbitrator - Someone chosen to judge and decide a disputed issue; "the critic was considered to be an arbiter of modern literature"; "the arbitrator's authority derived from the consent of the disputants"; "an umpire was appointed to settle the tax case"...