Arbitration and Mediation in International Business

Arbitration and mediation are two alternative ways to resolve disputes in international business without going to court. Arbitration involves a neutral third party, called an arbitrator, who listens to both sides and makes a binding decision. Mediation, on the other hand, involves a mediator who helps both parties communicate and find a mutually acceptable solution but does not impose a decision. Both methods are generally faster and less formal than traditional litigation, and they can help maintain business relationships while providing a fair resolution to conflicts.