Which of the following is correct regarding arbitration, conciliation, and mediation:
A) All three produce a binding resolution of a contract dispute.
B) Only conciliation produces a binding resolution of a contract dispute.
C) Only mediation produces a binding resolution of a contract dispute.
D) Only arbitration produces a binding resolution of a contract dispute.
E) None of the three produces a binding resolution of a contract dispute.

Question

Quizplus · Accepted Answer

Only arbitration typically results in a binding resolution of a contract dispute. In arbitration, an arbitrator or a panel makes a decision that is usually binding on the parties. In contrast, conciliation and mediation are more about facilitating a mutually acceptable agreement between the parties, without imposing a binding decision.

Which of the Following Is Correct Regarding Arbitration, Conciliation, and Mediation