What is the difference between Arbitration, Conciliation, and Mediation?

FACTORS OF DIFFERENCEARBITRATIONCONCILIATIONMEDIATION
FlexibilityNo flexibility, had to act as per the procedure considered in lawHigh flexibility with the partiesFlexibility with the parties but not as much in conciliation
Legal powerThe awards are to be considered in judiciary proceeding also, so it had legal power.Not to be considered as these are only for amicable way of resolving disputes.Can be considered
FormalityAs per prescribed manner it had to be executed.Had to be followed in manner prescribed in the agreementDepended on the parties no prescribed manner is considered.
ImprovisationCan’t be improvisedCan be easily improvised by the partiesCan be improvised
CompulsoryIt is quick redressal of dispute and compulsory for the parties accept the proceeding for the issue.It’s on the parties to resolve the dispute by this manner. It’s on parties interest & not compulsory.It had to accept by the parties for proceeding on the dispute.
Parties control  No control of the parties, as per the law the proceeding is conducted and the parties are abide to it.Full control of parties, if the parties is not interested in continuing the proceeding it can in any moment terminate the proceeding.Limited control of the parties in the proceeding.
ResponsibilityParties had to take the responsibility of the outcome or awards and had to obey the award, can’t be irresponsible.Parties been  responsibleCan’t be responsible

Mediation is focused on dispute resolution regardless of the outcome of the relationship between parties, whether they will conciliate or not. During conciliation, both parties are often motivated to improve the relationship between the parties whereas for mediation and arbitration the most important focus is geared towards resolving a dispute.

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