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arbiter vs. arbitrator

[ ahr-bi-ter ]
  1. a person empowered to decide matters at issue; judge; umpire.
  2. a person who has the sole or absolute power of judging or determining.
[ ahr-bi-trey-ter ]
  1. a person chosen to decide a dispute or settle differences, especially one formally empowered to examine the facts and decide the issue.

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