Aspect |
Mediation |
Arbitration |
Conciliation |
Nature |
Voluntary and informal |
Formal and legally binding |
Voluntary and informal |
Third Party Role |
Mediator facilitates dialogue without imposing a decision |
Arbitrator acts like a judge and delivers a binding verdict |
Conciliator suggests solutions and may propose a settlement |
Binding Decision |
No |
Yes |
No |
Enforceability |
Not enforceable unless converted into a contract |
Legally binding and enforceable |
Not enforceable unless parties agree to it |