mediation and arbitration

This week we are learning about the basics of sports law. Please make sure to review this slideshow. Sports law involves many different areas of law, such as torts, criminal law, intellectual property, etc. This results in various aspects of the legal system to be utilized to resolve sports law disputes. This week, please discuss the following:

What is the difference between mediation and binding arbitration?
Why might parties in a dispute choose alternative dispute resolution instead of litigating in court?
In what types of sports disputes might the partiawzes prefer alternative dispute resolution?