What is the term for an agreement to resolve controversy by an impartial panel?

The term for an agreement to resolve controversy by an impartial panel is arbitration. In arbitration, a neutral third party, often referred to as an arbitrator, reviews the evidence and arguments presented by both sides and makes a binding decision. This process is commonly used in various fields, including business and insurance, to efficiently settle disputes without resorting to litigation.

Arbitration is particularly valued for its ability to provide a more streamlined and less formal resolution process compared to court proceedings, making it a popular choice for contractual agreements where parties seek to avoid protracted legal battles. The arbitrator's decision is typically enforceable in court, providing a final resolution to the dispute.

The other options represent different forms of conflict resolution that do not involve a binding decision from an impartial panel. Negotiation refers to discussions aimed at reaching an agreement but does not involve a third party. Mediation involves a mediator who facilitates discussions between parties to help them reach a voluntary agreement without making a binding decision. Conciliation is similar to mediation, but the conciliator may take a more active role in proposing solutions.