Asked by Stacey Nolasco on May 09, 2024
Verified
Distinguish between mediation and arbitration.
Mediation
A dispute resolution process involving a neutral third party who helps the conflicting parties reach a voluntary, mutually acceptable agreement.
Arbitration
A method of dispute resolution where a neutral third party, called an arbitrator, makes a binding decision to settle a dispute.
- Differentiate between mediation, arbitration, negotiation, and court action as dispute resolution mechanisms.
Verified Answer
CU
Claire UrestiMay 15, 2024
Final Answer :
Mediation involves someone trying to help the parties to get a settlement, but any recommendations are not binding and the mediator has no power to impose an agreement. Arbitration involves a third party deciding the matter, and that decision is binding on the parties.
Learning Objectives
- Differentiate between mediation, arbitration, negotiation, and court action as dispute resolution mechanisms.