What is private arbitration and mediation?

Private mediation and arbitration involve the parties voluntarily agreeing to mediation or arbitration through a written agreement rather than being forced into the process through a statutory provision (law). This can be done at any stage, and the parties can agree to the mediator or arbitrator of their choice and also the terms of reference and powers that will apply. These processes take place at the parties convenience. The parties pay for the costs of the mediation in equal proportions unless otherwise agreed to.