Distinguish Between the Roles of Mediator, Arbitrator, Conciliator, and Consultant

question 43

Essay

Distinguish between the roles of mediator, arbitrator, conciliator, and consultant.

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Definitions:

Security Agreements

Legal contracts that create a lien on assets, providing a lender with a security interest in the assets of the borrower.

Collateral

Assets pledged as security for repayment of a loan, subject to seizure on default.

Repossess Collateral

The act of taking back goods or property by a creditor or seller from the borrower or buyer due to defaults on payment terms.

Self-Help

A legal way to enforce a right or resolve a dispute by taking action oneself, within legal boundaries, rather than relying on law enforcement or judicial proceedings.