The reference of a dispute to an impartial person or persons chosen by the parties who agree in advance to abide by the arbitration award issued after the hearing at which both parties are given an opportunity to be heard.

Refers to the terms of a contract or a judgment or a rule of law which it is possible, where necessary, to make people obey.

A formal promise by one party (the guarantor or surety) to another party (the creditor) to accept responsibility of a third party’s (the principal debtor) debt, if that third party cannot or refuses to pay it.