Arbitration, Conciliation and Mediation are the main Alternative Dispute Resolution Mechanism which is generally adopted to resolve disputes in an informal manner.
Arbitration is the process by which parties select an independent person, who renders a decision regarding the case.
Conciliation attempts to make parties come to an agreement about the problem at hand.
Mediation, the mediator acts as a facilitator who helps the parties in agreeing
The primary difference between Arbitration, Conciliation and Mediation is based on the role played by the third party who is selected by the parties seeking a settlement, in consensus.