Arbitration is a formal procedure similar to court proceedings. Arbitration is usually provided for in advance in the terms of the written agreement of the parties – that is, the parties will refer their dispute to arbitration in the event of any dispute.
Mediation is more informal than the process that takes place in the courts or in arbitration. It is a kind of assisted resolution of a dispute and is not a binding procedure nor does it involve a decision by a third party, the Ombudsman.
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