Mediation and Arbitration are different terms. Here is the basic definition of both.
Arbitration: In arbitration, a dispute is submitted after an agreement between both parties. It is given to one or more arbitrators, and they make the binding decision. The parties prefer private dispute resolution because they don’t want to go to court.
Mediation: In this process, the parties meet with a mutually selected person, and he tries to resolve their differences.
We will discuss the details of mediation in this article.