a formal process in which the parties to a dispute agree to submit to the decision of a neutral party

- Arbitration.

Explanation:

'Arbitration' is exemplified as the formal process of settling disputes (particularly related to labor disputes) among two parties by a neutral party that would resolve the conflict. In this process, the two parties (with whom the dispute lies) agree to submit or transfer the decision to a neutral/impartial party and whose decision is acceptable and agreeable to both that resolves the prolonged conflict between them. Such a process is employed to avoid further confrontation of the conflict. Thus, 'arbitration' is the answer.