Difference between Arbitration and Negotiation
Difference between Arbitration and Negotiation Points Arbitration Negotiation Definition It is a type of formal dispute resolution process where a third party is involved called as arbitrator to resolve the matter. It is the simplest form of ADR in which communication between the parties regarding the matter is discussed without any third-party interference with the single aim of reaching a mutually acceptable negotiation. Nature of the dispute Generally, the disputes resolved in this way are formal in nature and create a systematic way of proceeding wherein all the guidelines are written to follow. Generally, these are informal in nature making the parties the decision maker and work according to their will. Involved. Decision Maker in the matter The decision-makers in this case are a third party known as an arbitrator. Th...