The main difference between arbitration and mediation lies in the fact that in the first case, the parties transfer the power to rule to a private judge; in the second case, the mediator frees the parties’ speech in order for them to reach a deal.
In arbitration, the solution depends on the applicable law. In mediation, it is determined by the will of the parties which might take into consideration many other factors, including their own commercial interests.
In arbitration, the parties have to convince the arbitral tribunal of their case’s merits. In mediation, each party voluntarily take part in finding an acceptable solution, aiming at forming a consensus.
Arbitration is a contractual procedure which consists in submitting a conflict to one or three arbitrators who rule on the conflict in the same manner a judge would. The arbitral tribunal is only formed if needed. It rules, in a neutral and impartial way, applying the rules of law and trading customs. The “arbitral award” is a definitive decision.
Mediation is a confidential and amicable dispute resolution process which aims at helping the parties to reach a negotiated solution. The mediator, a neutral and impartial body, acts as a facilitator who invites the parties to consider their respective interests in order to establish an agreement that puts an end to the dispute.
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