Negotiation is a part of life we all have to deal with. It is a process by which the involved parties or group resolve matters of dispute by holding discussions and coming to an agreement which can be mutually agreed by them.
Mediation is a form of alternative dispute resolution (ADR) which aims to assist two or more disputants in reaching an agreement. The key component of mediation is that the parties strive to reach an agreement which is determined by the parties themselves rather than being imposed by a third party or a court of law.
Mediation arbitration, or med-arb is a combination of both mediation and arbitration. It is an increasingly popular alternative dispute resolution mechanism in which the disputing parties and a third-party neutral, attempt to reach a voluntary agreement through mediation. If resolve is not reached, then the parties move into the more formal procedure of arbitration.
Arbitration is a legal technique for the resolution of disputes outside the courts, wherein the parties to a dispute refer it to one or more persons (the "arbitrators",
"arbiters" or "arbitral tribunal"), by whose decision (the "award") they agree to be bound. Arbitration is a form of binding dispute resolution, equivalent to litigation
in the courts and entirely distinct from the various forms of non-binding dispute resolution, such as negotiation, mediation, or non-binding determinations by experts
