It is a dispute resolution process between parties where the dispute is submitted to one or more arbitrators who issue a binding award that resolves the conflict and serves as an executive instrument.
Conciliation is the amicable resolution of a dispute by mutual consent of the parties through a structured procedural and administrative process. It aims to bridge differing viewpoints and contain disputes through tolerance and mutual agreement, resulting in a legally binding executive instrument.
An independent agreement between the parties, concluded after a dispute has arisen, to refer that specific dispute to arbitration.
A procedure aimed at officially ratifying amicable agreements between the parties, rendering them enforceable executive instruments.