The nonbinding, informal process in which a third party is selected by the disputing parties to attempt to help them reach a mutually acceptable agreement is known as:

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Conciliation is a nonbinding, informal process where a third party helps disputing parties reach a mutually acceptable agreement. Unlike arbitration, it's more about guiding parties to a resolution rather than making a decision for them.

The Nonbinding, Informal Process in Which a Third Party Is