What are the key differences between arbitration and mediation?

What are the key differences between arbitration and mediation?

Arbitration is a binding process where an arbitrator makes a decision, while mediation is a non-binding process where a mediator helps parties reach a mutual agreement.

Can you explain how the processes work?

Sure! In arbitration, parties present their case to an arbitrator who makes a decision. In mediation, a mediator facilitates discussion to help parties find common ground.

Which one is generally faster?

Mediation is usually faster because it focuses on negotiation, while arbitration can take longer due to formal procedures.

Are there any situations where one is preferred over the other?

Yes, mediation is often preferred for disputes where parties want to maintain relationships, while arbitration is better for cases needing a definitive resolution.