What Is the Major Difference Between Arbitration and Mediation

question 30

Essay

What is the major difference between arbitration and mediation?

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Definitions:

Endorse

To give one's public approval or support to someone or something, or to sign a document thus validating it.

Bill of Exchange

A written, unconditional order by one party directing another party to pay a specified sum of money to a third party on demand or at a set date.

Call for Tenders

A formal invitation to suppliers to bid on supplying goods or services under specified conditions.

Prospective Bidders

Prospective bidders are individuals or entities that may be interested in submitting a bid or offer to acquire goods, services, or assets that are being offered.