For arbitration, the parties shall select arbitrators. The selected arbitrators then shall resolve the dispute and render an arbitration award which is final and binding. For conciliation, a third party shall play the role of a conciliator helping the parties to resolve dispute through negotiation.
The conciliator is not allowed to directly resolve the dispute and render a decision, but the parties of the dispute themselves shall achieve an agreement with the help of the conciliator. While an arbitration award is final, the agreement achieved through conciliation is not binding on the parties. Therefore, if one party do not voluntarily implement the agreement, the other can institute court or arbitration proceedings.
Get in touch with us