Arbitration is also a private non-judicial process for the settlement of disputes where, by agreement of disputing parties, the dispute is submitted to an independent third party called an arbitrator who makes a decision that is binding called an award.
Arbitration is different from Mediation in that the Arbitrator makes the decision that is binding upon the parties to the dispute while a Mediator facilitates the generation of a solution to the dispute by the parties themselves.
This is a hybrid approach that combines the benefits of both Mediation and Arbitration. In this process, parties first attempt to collaborate on an agreement with the help of a mediator. If the mediation ends in impasse, or if issues remain unresolved, the parties can then move on to arbitration.
The mediator can assume the role of arbitrator (where qualified) and render a binding decision quickly, or an arbitrator can take over the case after consulting with the mediator. CMC’s panel of Mediators and Arbitrators are highly skilled in this process to serve the particular needs of our clients.
This is the process where a dispute is referred to arbitration before mediation is attempted. If a resolution to the dispute is reached through the mediation then their mediated settlement may be recorded as a consent award. However if the parties are unable to settle their dispute through mediation, they may continue with the arbitration proceedings to final award.
In all the above processes CMC arbitrator(s) and mediator(s) are separately and independently appointed under the respective applicable arbitration rules and mediation rules of the Centre.