by 
The Curious Bag
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Mediation and arbitration are alternative dispute resolution techniques where parties agree to have their controversy resolved in an out-of-court forum by a neutral third party.
Arbitration
In arbitration, the parties agree to select an impartial a third party who will decide the dispute after a hearing in which each party presents his case.
Mediation
In mediation, the parties submit their dispute to a mediator who attempts to induce the parties to settle their controversy without recourse to civil litigation.
Types
Arbitration can be binding or non-binding. If one or both parties to a non-binding arbitration are dissatisfied with the decision, they may resolve the matter through civil litigation in the courts.
Features
In general, mediation and arbitration both provide a more expeditious and less costly manner of resolving disputes than the civil litigation process.
Significance
The decision rendered in a binding arbitration is final and recognized by most courts. In the absence of fraud on the part of the arbitrator, the grounds for appealing an adverse decision are limited.
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