dispute resolution/ litigation/ arbitration/ mediation principles

Question 1

what is arbitration?

Answer 1

• process used to settle disputes
• an impartial arbitrator is nominated who could be if nominated by the firms, be an expert in the field of the relevant conflict
• decisions reached following arbitration will be final and binding on the parties
• thus, this method is more contentious and adverbial than mediation

Question 2

what is mediation?

Answer 2

• a process conducted confidentially that involves the parties in dispute nominating a neutral third party to actively assist them in working towards a mutually beneficial agreement
• the parties are ultimately in control of the decision to settle and the terms of the resolution
• the facilitator isn’t a decision maker