An attempt to settle a dispute with the help of a neutral third party where all parties are actively involved in the decision-making process. The individual who intervenes in order to help the other parties settle their dispute is called a mediator.

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.

A legal status imposed by a court order that usually refers to an individual that cannot repay the debts that it owes to creditors.