Used when parties are in a competitive situation, such as sports, politics, or business. The two teams are going to fight it out on the basketball court tonight.
Pro Tip 2/3
Metaphorical use
Often used figuratively to mean a non-physical contest or disagreement. The lawyers will fight it out in the courtroom to win the case.
Pro Tip 3/3
Intensity implied
Implies a serious, intense effort to win or resolve a situation. The sales representatives are going to fight it out for the top spot this quarter.