Differences between Arbitration and Mediation
Differences between Arbitration and Mediation Points Arbitration Mediation Meaning Arbitration can be regarded as a quasi-judicial process. It is a mode or system of solving disputes among the parties through a unbiased third party called the arbitrator whose decision is binding on the parties. Mediation is a voluntary and party-centric procedure where the parties to the dispute settle their issues with the help of a neutral third party called the mediator. It is collaborative and non-binding. Procedure It is a formal procedure like judicial proceedings. It is an informal process. Third party Third party is termed as the arbitrator. The third party is termed as a mediator. Number of third party One arbitrator is known as the sole arbitrator, and there can be more than one arbitrator. One...