A formal conflict resolution process in which both parties agree to abide by the decision of a third-party arbitrator is:

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The formal conflict resolution process in which both parties agree to abide by the decision of a third-party arbitrator is called Arbitration. In this process, the arbitrator listens to both sides, evaluates the evidence presented, and makes a binding decision that both parties agree to follow. Negotiation is a process in which both parties try to reach an agreement without a third party involved. Conciliation is a process in which a third party tries to facilitate an agreement between the parties. Participation refers to the involvement of parties in a decision-making process. Litigation is a process that involves the use of the court system to resolve a dispute.

A Formal Conflict Resolution Process in Which Both Parties Agree