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This is what I could understand from the definitions of the term below:
A transaction between two related or affiliated parties that is conducted as if they were unrelated, so that there is no question of a conflict of interest. Or sometimes, a transaction between two otherwise unrelated or affiliated parties.
This is an expression used to describe a transaction between persons in which each acts in their own self-interest. Arm's length employees are, generally, employees who are not related to you and who are not carrying on your business with you (for example, as your partners).
Explanation: it is said of a transaction negotiated by unrelated parties, each acting in his or her own self interest; also a transaction in good faith in the ordinary course of business
J. Akl Local time: 12:51 Works in field Native speaker of: Arabic
The translation workplace 
peer agreement (net): +6