Which of the following processes involves the use of a third party to settle disputes and where the parties are bound by the decision?

A) mediation
B) arbitration
C) conciliation
D) strikes

Arbitration

A method of resolving disputes outside the courts, where a neutral third party makes a decision.

Third Party

An entity or individual that is not directly involved in a transaction or agreement but may be affected by it or involved in facilitating it.

Settlement

The agreement reached between two parties to resolve a dispute or lawsuit outside of court.