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How does mediation differ from arbitration in resolving business conflicts?

Mediation and arbitration are two common alternative dispute resolution methods. Both aim to resolve disputes outside of the courtroom, but they differ significantly in terms of process, authority and outcome. 

           Mediation is a conflict resolution method that involves a neutral third party, called a mediator, who helps both parties reach a mutual  agreement on their own. 

         Arbitration, on the other hand,  grants the  arbitrator the authority to make the final decision about the issue. Its process is more structured and similar to a court case.

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