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What does arbitrate mean?

Looking for the meaning or definition of the word arbitrate? Here's what it means.

Verb
  1. To make a judgment (on a dispute) as an arbitrator or arbiter
  2. To submit (a dispute) to such judgment
  3. (mathematics) To assign an arbitrary value to, or otherwise determine arbitrarily.
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Examples
On his journey north to arbitrate in this dispute, Henry had a remarkable and memorable encounter.
It further said the code of conduct ensured that an aggrieved party could go to the ombudsman who would arbitrate.
Senior monks serve as guidance counsellors, and advise and arbitrate in local disputes.
Sometimes I am called upon to arbitrate in disputes between members and the House.
The Commission for Conciliation, Mediation and Arbitration has been called in to arbitrate on the dispute.
The result has been a huge number of cases, with resulting financial benefits for the four companies allowed to arbitrate in such disputes.

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