What involves an independent third party acting like a judge to settle disputes?

Arbitration involves an independent third party who acts like a judge to resolve disputes between parties. In the arbitration process, the parties present their case and evidence to the arbitrator, who then makes a binding decision that the parties must adhere to. This method is often chosen for its efficiency and the expertise that an arbitrator may have in a specific field related to the dispute.

Mediation, while involving a neutral third party, does not involve that party making binding decisions. Instead, mediators facilitate discussions and help parties communicate their needs and reach a voluntary agreement. Conciliation similarly focuses on a neutral party who helps foster communication and resolve disputes, but this can also be less formal than arbitration.

Negotiation, on the other hand, is a direct discussion between the parties aimed at reaching a mutual agreement without involving any third parties. This process is typically more informal and does not have a formal adjudication process like arbitration does. Thus, arbitration is the unique method that fulfils the criteria of having an independent third party act as a judge.