BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Like mediation, arbitration utilizes a neutral third party, called the Arbitrator, to resolve the conflict between the parties outside of a courtroom. However, unlike mediation, the Arbitrator serves as a private judge to listen to the evidence and make rulings to determine the outcome of the dispute.

Detailed explanation-2: -In other situations-particularly those with higher stakes or more complex disagreements-arbitration is preferred over mediation. Arbitration is a more formal dispute resolution process than mediation. Therefore, this practice is used when a legal matter has escalated to a more serious issue.

Detailed explanation-3: -Mediators help parties try to come to an agreement. Arbitrators have the power to make a binding decision.

Detailed explanation-4: -It is possible to combine mediation with arbitration. In such a case, the dispute is submitted first to mediation under the WIPO Mediation Rules.