When it comes to dispute resolution, there are several options available. Two of the most common options are arbitration and mediation. Although both of these methods aim to resolve disputes, there are key differences between them. In this article, we will discuss the arbitrator vs. mediator differences.
Let’s dive right in!
What is Arbitration?
Arbitration is often used in legal disputes, particularly those involving commercial contracts. It is a process of resolving disputes in which an arbitrator listens to both sides of the argument and makes a decision based on the evidence presented. The decision made by the arbitrator is usually final and binding, meaning that both parties must abide by the decision.
What is a Mediator?
A mediator, on the other hand, is a neutral third party who facilitates communication between the parties in dispute. The goal of mediation is to help the parties come to an agreement that is mutually acceptable. Their role is to help both parties communicate effectively so that they can come to a resolution on their own.
Arbitrator vs. Mediator
Now that you understand what a mediator and arbitrator do, let’s talk in detail about the differences in both their roles.
1. Role of the Third Party
One of the key differences between arbitration and mediation is the role of the third party. In arbitration, the arbitrator plays an active role in the dispute resolution process. The arbitrator listens to both sides of the argument, weighs the evidence presented, and makes a decision that is final and binding.
In mediation, the mediator acts as a facilitator. The mediator helps the parties communicate effectively and work together to come to a resolution. The mediator does not make a decision for the parties.
2. Decision-making Authority
In arbitration, the arbitrator has decision-making authority. The decision made by the arbitrator is usually final and binding, meaning that both parties must abide by the decision. In mediation, the parties have decision-making authority. The mediator helps the parties reach a resolution mutually.
3. Cost of Service
Arbitration is often more expensive than mediation. This is because the parties are paying for the services of an arbitrator, who is often a legal expert. In mediation, the parties are paying for the services of a mediator, who is often not a legal expert. As a result, mediation is often a more cost-effective option for resolving disputes.
Get in touch with us at Ledwidge & Associates
At Ledwidge & Associates, our experienced team of estate law attorney Brooklyn can represent you in mediation and arbitration procedures. Call us today to learn more about estate planning Manhattan!
Disclaimer: This article is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
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