Arbitrators are neutral third parties who are appointed to hear and decide disputes. They have the power to issue binding decisions, which means that the parties involved in the dispute are legally obligated to follow the arbitrator's decision.

Mediators are neutral third parties who help parties involved in a dispute reach a mutually agreeable settlement. They do not have the power to issue binding decisions, but they can facilitate communication between the parties and help them to reach a resolution that is acceptable to both sides.

Conciliators are similar to mediators, but they typically have a more active role in the dispute resolution process. They may suggest solutions to the parties or even draft settlement agreements. However, they do not have the power to issue binding decisions.