The arbitration process comprises the commencement, preliminary meeting, pleadings, hearing and award. The arbitrator will act in a judicial manner, applying existing laws or norms agreed by the parties without the legal technicalities and making an award to resolve the dispute. The parties can choose which procedure and rules to apply. The award is final and binding. In Singapore, arbitration is classified as domestic arbitration or international arbitration.
Mediation is inexpensive, as being more informal, it takes less time.
Arbitration may be cheaper than litigation in courts because of the technical expertise of the arbitrator, whose fee is negotiable. Know your goals and objectives. No publicity should be made out of this. Follow what the contract says on the resolution method. Your answer to the above will help you decide on the method to use in resolving your dispute.