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What are the main differences between arbitration and mediation in negotiation? Briefly explain both

What are the main differences between arbitration and mediation in negotiation? Briefly explain both

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
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Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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What are the main differences between arbitration and mediation in negotiation? Briefly explain both!

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Negotiation is a mechanism in which two parties to a conflict or disagreement (fight) reach a settlement that they can all agree to. Negotiations are achieved by negotiations between the parties or their members, without third party intervention. Once resolving the matter, each party will consult or see a lawyer, so that they are well aware of their rights and duties in relation to the matter or conflict they are willing to settle.

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