Summarize what the paragraphs speak about in an explanation?

Mediation

Parties meet with an impartial third party to discuss their differences and work toward a resolution with the help of the mediator(s). It could be a one-on-one meeting between the parties, or it could be a scheduled settlement conference. There are numerous benefits of mediation, including the opportunity to better understand each other's points of view; clarify the difficulties; identify their interests; explore and evaluate viable solutions; and create mutually acceptable agreements, when requested.(Morgan, 2019)

There are several advantages with mediation. It is informal which means attorneys are not required because the process is informal and flexible. There are no official evidence rules in place, and there are no witnesses. Mediation is a private procedure. Any information revealed during the mediation will not be disclosed by the mediators. The meetings are not taped or transcribed in any way. Any notes taken during the mediation session are destroyed by the mediators at the completion of the mediation. This ensures confidentiality with the process. It's simple and inexpensive. Mediation is an option to consider when parties wish to get on with their company and their lives. Mediation typically takes less time to complete than investigation, allowing for a speedier resolution.(Advantages of Mediation, n.d.)

Approaches to Arbitration

Submission is the act of submitting a problem or issue to arbitration. Legal and factual issues may arise, as well as questions about the interpretation of the arbitration agreement. The arbitrator's powers are constrained by the submission's text. In most cases, doubts about whether a disagreement can be arbitrated are ruled out. There must be absolute certainty that the arbitration clause cannot be interpreted to cover the precise disagreement in question before a court order to arbitrate can be overturned. Submitting a person is possible in two ways. If the parties agree to arbitrate an existing dispute, the process can begin. The arbitration agreement acts as the submission in this scenario. In the event of a dispute, the parties might either agree to arbitrate all issues or agree that either party can bring an arbitration claim. For arbitration to take place, the opposite party must be served with a demand to arbitrate. As an alternative, the parties may request that the subject matter be referred to the arbitrator of their choosing. You can demand either way. To say an issue exists does not mean that you've lost the case, nor does it warrant arbitration. (Morgan, 2019)

Judicial Review of Arbitration Issues

Arbitration is the preferred method of resolving contractual issues in most reinsurance contracts. There are several advantages to commercial arbitration, such as expediency and relative efficiency, the relaxation of procedural formalities and a decision maker who is conversant with the relevant subject area, and secrecy - all of which may be attributed to reinsurance arbitration. After an arbitration agreement has been reached, or the parties' agreement or a judicial action under Sections 3 or 4 of the Federal Arbitration Act (FAA) has established arbitrability, further judicial involvement is limited to Sections 9 or 10 of FAA to either confirm or vacate an arbitration award, which is essentially the same thing. These sections strictly limit review to the few "narrow grounds" set forth explicitly in Section 10, and even an arbitrator's serious error of law or fact will not warrant vacating an award or preventing its confirmation, in keeping with the goals thought to be served by arbitration rather than litigation. There are significant constraints on court intervention to ensure that the aims of economy, expediency and expert decision making are met, and that arbitration does not become "merely a preamble to an even more difficult and time-consuming judicial review." (Rush, 2015)

References

Advantages of mediation // . Advantages of Mediation. (n.d.). Retrieved November 9, 2021, from https://osc.gov/Services/Pages/ADR-Advantages.aspx.

Judicial Review of Arbitration Decisions. White and Williams LLP. (n.d.). Retrieved November 9, 2021, from https://www.whiteandwilliams.com/resources-alerts-Judicial-Review-of-Arbitration-Decisions.html.

Morgan, J. F. (2019). Business law. BVT Publishing.