Many people use the term arbitration and mediation interchangeably. However with ARBITRATION VS MEDIATION there is a difference between the two. Arbitration is when parties to a dispute allow a person or panel to decide their case outside of Court. Mediation is where parties ask someone to guide them to a resolution that THEY agree to. Mediation therefore is a negotiated settlement.
These are different processes and procedures seeking the same result; the resolution of a dispute. They are collectively referred to as Alternative Dispute Resolution or ADR. Arbitration and Mediation are both a means to avoid potential expensive litigation costs.
You might find that your dispute is subject to arbitration or mediation by agreement. If so, you will probably save time and money as opposed to going to Court. Mediation has a higher rate of satisfaction, primarily because it is a negotiated settlement that the participants are actively involved in; as opposed to having a decision handed to them by a Judge or Arbitrator.
If you have a dispute that you think might be better resolved by arbitration or mediation, call us for a free in-person consultation.