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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
The court was given extensive powers to prevent strikes, arbitrate and enforce settlement of industrial disputes.
Senior monks serve as guidance counsellors, and advise and arbitrate in local disputes.
It is, however, often imprudent and officious to try and fix the problems and arbitrate the quarrels of strangers.
It further said the code of conduct ensured that an aggrieved party could go to the ombudsman who would arbitrate.
The government tries to be a middleman but is unable to arbitrate, so a lot of energy is expended on political issues.
The Commission for Conciliation, Mediation and Arbitration has been called in to arbitrate on the dispute.

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