What do you mean by arbitration and mediation?

Legal analysis: Arbitration mediation is conducted under the auspices of arbitrators of arbitration institutions. A way for domestic arbitration institutions in China to solve economic contract disputes and foreign-related arbitration institutions to solve foreign-related economic, trade, transportation and maritime disputes. A major feature of arbitration procedure in China. After the arbitration institution accepts the case, whether before or during the hearing of the arbitration tribunal, the arbitrator should do more mediation work and try his best to urge both parties to resolve the dispute through consultation.

Legal basis: Arbitration Law of People's Republic of China (PRC).

Article 51 Before making an award, the arbitration tribunal may conduct mediation first. If the parties voluntarily mediate, the arbitration tribunal shall mediate. If mediation fails, a decision shall be made in time.

If an agreement is reached through mediation, the arbitration tribunal shall make a conciliation statement or an award according to the result of the agreement. Mediation and award have the same legal effect.

Article 52 The conciliation statement shall clearly state the arbitration request and the result of the agreement between the parties. The conciliation statement shall be signed by the arbitrator, stamped with the seal of the Arbitration Commission and served on both parties.

The conciliation statement shall have legal effect after it is signed by both parties. If the parties go back on their word before signing the mediation agreement, the arbitration tribunal shall make an award in time.