During a contract negotiation, the management of Wild Mist Inc. and its employee union fail to reach an agreement on an issue related to retirement benefits. A neutral third party is called in to come up with a solution, make the necessary decisions, and reach a settlement. The process used by the third party in the given scenario is referred to as:

arbitration

Explanation:

Arbitration -

It is a type of alternative dispute resolution (ADR),

As it suggests, it enables to solve any conflict outside the court, is referred to as arbitration.

In United states, the method is very commonly used, where it is compulsory with the process of employment.

In certain scenarios, a third party is used for solve the issue, where the party need to be neutral from both the ends.

The method is employed in order to solve some commercial issues, in reference to the international commercial transactions.

Hence, from the given scenario of the question,

The correct term is Arbitration.