In mediation, the parties are assisted by a neutral mediator in reaching a settlement agreement. Mediation is not binding, and is, therefore, only successful if it achieves or advances the parties towards settlement. Mediation is usually entered into voluntarily, but may also be contractually or judicially required. In contrast to mediation, the objective in arbitration is to provide the parties with an actual ruling or decision based on the facts and law relating to the case. Arbitration is much more like litigation in that the parties engage in discovery, present their cases to the arbitrator, and receive a decision.
Arbitration can be binding or non-binding.
It is most effective where all parties desire a quick and efficient resolution and when implemented from the beginning of the dispute. Arbitration offers a number of advantages over litigation including the ability to design the time schedule, scope of discovery, and procedural rules for the determination of the dispute. Case Valuation . Case valuation can be instrumental for cases in which such an evaluation enables the parties to reach settlement. Case valuation is usually advisory only, and can be as general or detailed as the parties require.