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Differentiate between conciliation and arbitration. Why is conciliation a better way to resolve a commercial dispute...

Differentiate between conciliation and arbitration. Why is conciliation a better way to resolve a commercial dispute than arbitration? Or, is it? *no copy an*d *paste ,** *please...n*eed ***more *info

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Answer #1

Conciliation

In this dispute resolution technique, all the parties included in dispute are brought together with an independent third party, so that the dispute can be resolved through negotiations.

Arbitration

In this practice, dispute between parties is resolved by a neutral party known as arbitrator. When both the parties agreed to decisions made by arbitrator then the dispute is resolved and it is called binding arbitration.

Conciliation is better for resolving commercial disputes than arbitration. Conciliation is friendlier than arbitration and friendly negotiations are preferred for settling dispute. Arbitration is necessary but is strict and if conciliation fails then arbitration is implemented.

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