The process of settling disputes between parties is known as dispute resolution or dispute settlement. Although conflicts are often more deep-rooted and long than disputes, the terms dispute resolution and conflict resolution are frequently used interchangeably.
Mediation is a structured, interactive process where an impartial third party assists disputing parties in resolving conflict through the use of specialised communication and negotiation techniques.
Arbitration, a type of alternative dispute resolution (ADR), is a method of resolving disputes outside of the legal system. One or more people (the ‘arbitrators,’ ‘arbiters,’ or ‘arbitral tribunal’) will determine the case and issue a ‘arbitration award.’ Unless all parties agree that the arbitration procedure and outcome are non-binding, an arbitration judgement or award is legally binding on both parties and enforceable in court.