COMPARISON CHART-
| Basis of comparison | ARBITRATION | CONCILIATION | MEDIATION |
| Definition | Arbitration is a consent-based technique for the resolution of disputes outside the courts, where an impartial third party is appointed to hear both the parties and arrive at a decision binding on both the parties. | Conciliation is a consent-based technique of settling disputes without litigation in an agreeable manner. The decision is arrived by the parties with the assistance of conciliator and once it is reached, it will have the effect of an arbitration award and is legally enforceable in any court. | Mediation is a simple, party centred and structured negotiation process, where a neutral third party assists the parties in amicably resolving their disputes. The mediator makes no decisions and doesn’t impose their view of what a fair settlement should be. |
| Enforcement | An arbitrator has the power to enforce his decision. | A conciliator doesn’t have the power of implementing his decision. | The mediator’s decision is not enforceable like an arbitral award. |
| Prior agreement | A prior agreement is required to refer the parties to arbitration. | A prior agreement is not required to refer the disputants to conciliation. | A prior agreement is not needed to refer the parties to mediation. |
| Regulation | Arbitration is regulated by Arbitration and Conciliation Act, 1996. | Conciliation is regulated by Arbitration and Conciliation Act, 1996. | Mediation is regulated by the principles of natural justice. |
| Availability | It is available for both existing and future disputes. | Available only for existing disputes. | Available only for existing disputes. |
| Procedure | Arbitrator conducts the proceeding strictly by legal restrictions and is bound to follow the neutral approach in resolving the dispute. | Conciliator is bound to follow the process given under Arbitration and Conciliation Act, 1996. | Mediator is at the liberty to select any suitable method of resolving the dispute as there are no strict guidelines to follow. |