Arbitration , is a process by which the 'judge' or 'arbitration panel' is selected and agreed to by the parties in advance of reviewing the case. The key advantage in arbitration, is that this panel may have enhanced familiarity with the subject matter, permitting a more expedient review that in a traditional courtroom setting. It is also a private process, as with mediation which can keep a companies dispute out of the public eye. A large downside to arbitration is the tremendous investment in preparation for arbitration and the lack of control over the outcome. Mediation is a private process in which a neutral third party facilitates communication between negotiating parties to enable them to reach an agreement.
Mediation is an efficient and cost effective method for the resolution of complex cases.
The commitment, control and participation of the parties is critical to a successful outcome. The involvement and control of the disputants in the process can render a much more favorable outcome. Mediated settlements are drafted in the form of an agreement and are enforceable like any contract . While a mediated settlement is enforceable as any other contract, it is the work product of the parties in the dispute.