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.

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