BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Arbitration: A neutral independent party called an arbitrator listens to arguments from both sides, collects evidence, and then decides on the outcome of the dispute, similar to a court ruling.

Detailed explanation-2: -A third-party neutral is a person, such as a mediator, arbitrator, conciliator or evaluator, who assists the parties, represented or unrepresented, in the resolution of a dispute or in the arrangement of a transaction.

Detailed explanation-3: -Mediation is a process in which a neutral third party-a mediator-meets with the disputing parties and actively assists them in reaching a settlement.

Detailed explanation-4: -Third Party. A term referring to a person or group of people who intervene to help those involved in a dispute resolve their conflict.

Detailed explanation-5: -The mediator focuses on healing the relationship between the parties rather than simply settling their dispute. The main goal is empowerment of the parties along with their recognition of each other’s perspective.