Difference between Arbitration and Conciliation
Difference between Arbitration and Conciliation Points Arbitration Conciliation Meaning Arbitration is binding in nature. The dispute is presented for adjudication in conformation with the agreement to an arbitral tribunal which passes legally binding awards. Conciliation denotes a non-binding process in which an unbiased party, the conciliator, helps the parties to a dispute to reach a mutually satisfactory settlement. Enforceability of decision The arbitral award can be implemented in the same way as a decree passed by a court. However, a conciliator has no right to enforce his decisions. Nature of process Arbitration has fixed rules and formal procedures which are governed by law. It is an informal process and the procedure is flexible. Prior agreement There should be agreement in e...