What are the three components of the process of resolviry a dispute or disareement?
1. Negotiation: This is the process of discussing the issue with the other party involved and trying to reach a mutually agreeable solution through communication, compromise, and collaboration.
2. Mediation: If negotiation is unsuccessful, a neutral third party, known as a mediator, may facilitate the discussion between the parties in order to help them find a resolution that satisfies both sides.
3. Arbitration: If mediation is unsuccessful or not desired, the parties may choose to submit their dispute to an arbitrator who will make a binding decision on how the issue should be resolved. Arbitration is a more formal process than mediation and the arbitrator’s decision is legally binding.