Financial Dictionary

UMPIRAGE - The decision of an umpire. This word is used for the judgment of an umpire, as the word award is employed to designate that of arbitrators.

UMPIRE - A person selected by two or more arbitrators. When they are authorize to do so by the submission of the parties, and they cannot agree as to the subject-matter referred to them, whose duty it is to decide the matter in dispute. Sometimes the term is applied to a single arbitrator, selected by the parties themselves