Arbitration And Mediation
Arbitration and mediation are the two ADR methods that are used to settle the dispute.
These methods come under the
alternate dispute resolution (ADR)
methods. These ADR methods are becoming very popular among the people due to the settlement taking very little time.
Arbitration is a way to settle a dispute outside the courtroom. In this method, a third party or third person passes a final decision. This decision or order is also known as an award.
Types of the Arbitration
1. Contractual Arbitration
2. Statutory Arbitration
3. Ad-hoc Arbitration
4. Foreign Arbitration
5. Domestic Arbitration
6. International Arbitration
7. Institutional Arbitration
8. Fast track Arbitration
It is a method to settle the dispute in a mutual and effective way. By this method, parties involved in the dispute have no need to go to the courtroom for the judgment of their dispute
Arbitration process same as the litigation process which is conducted outside the courtroom.
Mediation is a simple conversation between the parties to find a mutual decision of the dispute.