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Arbitrament means the power to decide for oneself or others. It is the power to decide finally or absolutely. In olden days, the term was spelled as arbitrement, subsequently the term was Latinized to arbitrament, which the OED notes has been the accepted spelling since about 1830.
The term ‘arbitrament’ is also used to refer to the act of deciding or settling a dispute that has been referred to arbitration.
The award of arbitrators is also referred to as arbitrament .