Assertion: Mediation does not have similar binding like an arbitral a…

Mediation is more formal than negotiation but less formal than arbitration or litigation. Unlike litigation and similar to arbitration, mediation is relatively inexpensive, fast, and confidential. Further, mediation and arbitration differ on the grounds of the nature of an award rendered. The outcome of mediation does not have similar binding like an arbitral award. However, though non-binding,these resolution agreements may be incorporated into a legally binding contract, which is binding on the parties who execute the contract.