Arbitration Vs conciliation

Gaurav Agarwal (Querist) 17 October 2010 This query is : Resolved
What is the difference between Arbitration and Conciliation? Is arbitration award full and final? Can a party move to court after arbitration award had be awarded?

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Devajyoti Barman (Expert) 17 October 2010
The major difference betwen the arbitration and the conciliation is the manner in which the same is conducted and the force of the award passed therein.
The arbitration award attains finality if the aggrieved party does not choose to challenge it before the court. So the arbitral award can indeed be assailed before the principal court of the original jurisdiction u/s 34 of the Act.

Parthasarathi Loganathan (Expert) 17 October 2010
We can simply understand both the concepts as under:

If the parties do not agree in advance to follow the decision reached by a third party, but merely agree to consider it, the process is termed conciliation

In other words Conciliation enables reconciling a dispute by agreement with both parties.

But Arbitration facilitates settling of a dispute by a neutral person.