What is Conciliation? Bring out some differences between Arbitration and Conciliation.

'Conciliation' is an informal process in which the conciliator (the third party) tries to bring the disputants to agreement. He does this by lowering tensions, improving communications, interpreting issues, providing technical assistance, exploring potential solutions and bringing about a negotiated settlement. The Arbitration and Conciliation Act, 1996 gives a formal recognition to conciliation in India. Arbitration and conciliation differ in some major ways such as: In arbitration, the decision is known as 'Arbitral Award' and is signed by the arbitral tribunal members; while under conciliation, it is known as 'settlement' and is signed by the parties concerned. In arbitration, parties cannot appoint even number of arbitrators; while in conciliation, the number of conciliators can be even. Arbitrators can be appointed even before the dispute arises; while a conciliator is appointed only after the dispute has arisen.