BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The non-binding nature of mediation means also that a decision cannot be imposed on the parties. In order for any settlement to be concluded, the parties must voluntarily agree to accept it. Unlike a judge or an arbitrator, therefore, the mediator is not a decision-maker.

Detailed explanation-2: -Binding mediation, also known as mediation-arbitration, or “med-arb, ” allows the parties to participate in mediation first, but if they cannot reach an agreement, the ADR neutral changes hats; the mediator becomes arbitrator and makes a decision that binds the parties.

Detailed explanation-3: -The mediator assists and guides the parties toward their own resolution. The mediator does not decide the outcome, but helps the parties understand and focus on the important issues needed to reach a resolution.

Detailed explanation-4: -The term mediation can be defined as a voluntary dispute resolution process where the third party facilitates negotiation between the disputed parties to negotiate for their rights and interests by themselves. The third party who facilitates the negotiation between the disputed parties is called mediator.

Detailed explanation-5: -Arbitration is less formal than a trial and the rules of evidence are often relaxed. In binding arbitration, parties agree to accept the arbitrator’s decision as final, and there is generally no right to appeal.