What are the differences between mediation and arbitration in international litigation?

Mediation and arbitration are both forms of alternate dispute resolution, meaning that they are both methods used to settle disputes outside of a formal judicial court. While similar, there are some differences between the two when it comes to international litigation. Mediation is a process in which both parties involved in the dispute come to an agreement through compromise with the help of a neutral third party. This third party, the mediator, will facilitate the conversation and help the parties reach an agreement on the dispute. The mediator is required to remain impartial and cannot enter a decision the parties must make. The outcome of the mediation is not binding and does not require formal documentation. Arbitration is a process that is similar to a court proceedings where arbitrators, who are appointed by the two parties in the dispute, are responsible for making a legally binding decision. This decision has the same legal standing as a court ruling. The arbitration process is much faster than a court ruling and usually costs less. Overall, mediation is a more informal process with no legally binding outcome. In contrast, arbitration is a more formal process with legally binding consequences, making it a better option when there is a need for a clear resolution to an international dispute.

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What are the differences between mediation and arbitration in international litigation?

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