MEDIATION-ARBITRATION
This is a combination of the processes of mediation and arbitration.
The parties will use an independent, neutral third party to act as both mediator and arbitrator.
This independent third party will first use mediation to attempt to arrive at a mutually agreeable resolution. If a resolution cannot be reached, then this same independent third party will arbitrate the outstanding issues between the parties and will make a binding decision, called an arbitral award on these issues.
If the parties prefer, mediation/arbitration can involve the use of two separate neutral third parties, where one neutral party will act as mediator and the other will act as arbitrator.
The advantage of this combined mediation/arbitration approach is that the parties are able to use the benefits of both processes, so that if a settlement cannot be reached, they have a protocol to resolve the dispute through arbitration.