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Research and understand the fundamental definitions and principles of arbitration and mediation.
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Identify the key differences between arbitration and mediation, such as the role of the mediator/arbitrator, the decision-making process, and the finality of the outcome.
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Arbitration is a method of resolving disputes outside of court, typically involving a neutral third party who makes a binding decision, whereas other methods like mediation focus on facilitating a negotiation between parties rather than imposing a decision.
Generally, parties involved in a dispute that they wish to resolve through arbitration are required to file the necessary documents, often as specified by an arbitration agreement or relevant arbitration rules.
To fill out difference between arbitration and, parties must complete the required forms provided by the arbitration organization, detailing the nature of the dispute, relevant parties, and any agreements or evidence that support their claims.
The purpose of arbitrating differences is to provide a quicker, more cost-effective resolution to disputes compared to traditional court proceedings, while still ensuring fairness and justice.
Information that typically must be reported includes the names of the parties involved, a description of the dispute, any relevant contracts or agreements, and the desired resolution or outcome sought through arbitration.
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