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Method of nonbinding dispute resolution by which a neutral third party tries to help disputing parties reach a mutually agreeable decision; also called mediation.

a) Conciliation
b) Arbitration
c) Collectivism
d) Mediation

1 Answer

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Final answer:

The nonbinding dispute resolution method where a neutral third party aids in reaching a mutual decision is called mediation, distinguished from arbitration where a third party imposes a decision. Mediation emphasizes accessible and impartial dispute resolution. It is often used in labor disputes and international negotiations.

Step-by-step explanation:

The method of nonbinding dispute resolution by which a neutral third party tries to help disputing parties reach a mutually agreeable decision is known as mediation. In cases where an informal approach hasn't been successful and there's no internal mechanism available, a third-party mediator is introduced.

The mediator facilitates discussions and guides the parties towards a consensus, but unlike arbitration, the mediator does not impose a decision. The goal of mediation is to ensure accessible and impartial dispute resolution, where justice is served in a timely manner by neutral decision makers. This process is often used in various contexts, from labor disputes to international diplomatic negotiations, and it exemplifies a method of conflict resolution where political bargaining and negotiation play critical roles.

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