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Arbitrator listens to facts and evidence and renders an award. Mediator helps the parties define and understand the issues and each side's interests. Parties present case, testify under oath. Parties vent feelings, tell story, engage in creative problem-solving.

Mediation requires the parties to come to consensus but arbitration and litigation don't. When you mediate a dispute, the process is voluntary and an agreement on resolving the conflict is reached only when the parties come to an agreement.

UNCITRAL Model Law and the New York Convention. The Model Law defines the arbitration agreement as: ?An agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not? .

As with arbitration, mediation also has some drawbacks to consider, including: People who are not comfortable speaking for themselves may find mediation challenging. If there is a power imbalance between the parties, mediation may not be a fair process.

To find your arbitration clause, read the fine print, look for dispute resolution key terms, and utilize the CFPB's credit card agreement database. If you take the time to thoroughly review your credit card agreement, there is a good chance you will find a mandatory binding arbitration clause.

Parties can become involved in the arbitration process in one of three ways: judicial arbitration, contractual arbitration or by stipulation.