What is the difference between arbitration and mediation in a business litigation suit?

• Mediation is not binding.
• There is a neutral third party trying to get the parties together, trying to get the litigants to discuss their differences and mutually agree to a settlement.
• Arbitration is usually binding.
• the arbitrator listens to both sides and he makes a decision as to how the dispute is to be resolved.
• That decision is taken out of the hands of the litigants and put solely in the hands of this neutral arbitrator.
• Sometimes it’s one person, sometimes it’s a panel of two or three arbitrators, but they make the final decision.