What is the difference between mediation and arbitration?

Do you know the difference between mediation and arbitration? In this video you will learn the definitions of mediation and arbitration, what the difference is and when to use these type of resolutions.

Both arbitration and mediation are forms of alternative dispute resolution.
Arbitration is a form of dispute resolution where the parties agree to take any disputes they have before a neutral person who decides the facts and makes a final and binding decision on the parties.
Mediation is a process where a neutral mediator works with the parties to help resolve the dispute.

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