Arbitration
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Answer:
1. The submission of a disputed matter to a private or official person ("arbitrator") for determination. The arbitrator is selected in a manner provided by law or agreement. Arbitration attempts to avoid resorting to the judicial system and it costs. Many contracts call for the resolution of disputes by arbitration rather than by litigation.
2. The process followed by the card association to determine whether an issuer or an acquirer has ultimate responsibility for a chargeback. The process is initiated by either member after the re-presentment process has been completed.
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