final offer arbitration

noun | \ ˌär-bə-ˈtrā-shən \ | ar·bi·tra·tion

1. : the process of resolving a dispute (as between labor and management) or a grievance outside of the court system by presenting it to an impartial third party or panel for a decision that may or may not be binding — compare mediation

   — final offer arbitration
   : interest arbitration in which the arbitrator must accept or reject the final offer of any party and may not decide to compromise

   — grievance arbitration
   : arbitration of a dispute over something in an existing collective bargaining agreement — called also rights arbitration; compare interest arbitration in this entry

   — interest arbitration
   : arbitration of a dispute over the provisions to be entered in a new contract — compare grievance arbitration in this entry

   — rights arbitration
   : grievance arbitration in this entry