Benefits of arbitration proceedings are that they are private and can be tailored in any manner the parties want. The parties can agree on the number of witnesses, the amount of evidence presented, and determine what issues the arbitrator’s award will cover. Arbitration is also beneficial in that its outcomes are not public record.
Arbitration and mediation differ in that arbitration is facilitated by a third party but the arbitrator makes the final decision about the award. In mediation, two or more parties arrive at an agreement among themselves. Arbitration is not as common as mediation, but sometimes it proves to be more effective in certain situations.