In general usage ‘terms of reference’ describes the objectives of a group, committee, etc., what resources and information they can use or consider, what they are supposed to achieve and when and how they are supposed to do so.
In arbitration ‘terms of reference’ has a much more specific meaning – it is a document prepared by the arbitral tribunal with input from the parties that defines the scope of the arbitration, the issues the tribunal is expected to resolve, perhaps a factual finding matrix that should support any conclusions, the nature of the arbitral award, i.e., whether is should be a reasoned award, etc. It also contains key information identifying the parties and their counsel. Terms of reference are not universal in arbitration, but they are good practice as they establish early in proceedings what facts and legal points are at issue. Many arbitration organisations such as the International Chamber of Commerce (ICC) have published model templates of terms of reference.