One of the means of alternative dispute resolution regarding a collective bargaining agreement dispute is arbitration. What is meant by arbitration?

Correct Answer: Option B — Agreement to abide by a binding decision rendered by a company and union agreed-upon impartial person.

Arbitration is a form of alternative dispute resolution where an impartial third party hears the evidence and renders a decision. In the context of a collective bargaining agreement, this decision is binding, meaning both the company and the union must accept the outcome as final and enforceable.