Arbitration and mediation, both forms of ADR (Alternative Dispute Resolution), are an interesting phenomenon as it entails the resolution of conflicts outside of the normal legal process involving formal courts and judges. Most nations have one or more arbitration and mediation institutes.
Arbitration is 'guided' by one or more individuals, often called 'arbiters', 'arbitrators' or through an institution: 'a court of arbitration'.
These individuals or institutions decide upon a binding 'resolution' of the dispute.
Mediation involves the 'guiding' of the the resolution process through one or more mediators. The mediators do not decide upon a binding resolution of the dispute but 'merely' guide the parties to a resolution.
While many disputes for arbitration are those between companies, cases between countries or between countries and companies can also be brought before an arbitrator.
Mediation disputes mostly involve private persons but mediation between companies and countries are possible.