Arbitration is a form of alternative dispute resolution in which a neutral third party, known as an arbitrator, is appointed to hear and decide a dispute between two parties. The arbitrator’s decision, known as an award, is typically final and binding on the parties, and can be enforced through the courts.
Arbitration can be used to resolve a wide range of disputes, including disputes related to contracts, employment, construction, and other commercial matters. It is often seen as a faster and less costly alternative to litigation, as it typically involves fewer formalities and procedures than a court case.
Conciliation is a form of alternative dispute resolution similar to arbitration, in which a neutral third party, known as a conciliator, is appointed to help the parties resolve their dispute. The conciliator does not have the authority to make a binding decision, but instead works with the parties to facilitate communication and negotiate a settlement. If the parties are able to reach an agreement, it is typically recorded in a written document known as a conciliation agreement.
Both arbitration and conciliation can be useful tools for resolving disputes in a timely and cost-effective manner. They are often used in situations where the parties want to preserve their relationship or where the issues at stake are too complex or nuanced to be resolved through traditional litigation.
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