Arbitration is a form of Dispute Resolution wherein both the parties to the dispute by an agreement appoint an arbitrator for the settlement of dispute. The arbitration award granted by the Arbitrator has the same effect as that of a court decree.
Mediation is another form of Dispute Resolution in which essentially a negotiation is carried out by a neutral third party. Unlike Arbitration it does not involve proceedings.ñ
Conciliation is consensual and helps the parties in dispute to settle the same amicably with the aid of neutral third person or institution but the settlement is of the parties themselves.
A non-binding procedure in which discussions between disputing parties are initiated without the intervention of any third party with object of arriving at a negotiated settlement of the dispute.
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