The outcome was the Treaty of Washington, signed on May 8, 1871.

The most important question--the "Alabama Claims"-- was by this agreement to be submitted to a tribunal of five arbitrators, one to be selected by the President of the United States, another by the Queen of Great Britain, a third by the King of Italy, a fourth by the President of the Swiss Republic, and a fifth by the Emperor of Brazil.
This tribunal was to meet at Geneva and was to base its award on three rules for the conduct of neutral nations: "First, to use due diligence to prevent the fitting out,...

within its jurisdiction, of any vessel which it has reasonable ground to believe is intended to cruise...

against a Power with which it is at peace...; secondly, not to permit...

either belligerent to make use of its ports or waters as a base of naval operations...; thirdly, to exercise due diligence in its own ports and waters...