BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

Detailed explanation-2: -Mediation is the process where a neutral third party (usually a professional mediator) helps disputants to resolve their dispute. Mediation is usually more formal than negotiation but less formal than arbitration.

Detailed explanation-3: -Therefore parties can attempt Conciliation without any risk. It is a non-binding procedure in which an impartial third party assists the parties to a dispute in reaching a mutually agreed settlement of the dispute.

Detailed explanation-4: -Mediation is the intervention in a dispute or negotiation of an acceptable impartial and neutral third party, who has no decision-making authority.

Detailed explanation-5: -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.