Arbitration enforcement: binding awards enforceable, while mediation and conciliation are non-binding settlement processes encouraging pre-arbitral resolution.
Arbitration yields a binding, enforceable arbitral award requiring prior agreement and adjudication by a neutral arbitrator; conciliation is less formal, conciliators propose solutions without enforcement power and outcomes depend on party agreement; mediation is facilitative, non binding unless parties record a settlement. Communication allowances increase from arbitration to mediation. Parties may agree that mediation precedes arbitration so a failed mediation is referred to binding arbitration under agreed rules, creating incentives for good faith mediation participation. (AI Summary)