Arbitration rules

Each arbitration tribunal (FINRA, AAA, etc.) will have it's own rules of evidence and those rules will generally be less restrictive than the federal or state rules of evidence.  After you submit to arbitration, the result is binding (unless you expressly make it binding) and can be turned into a court judgment. Mediation is a non-binding proceeding which attempts to enable the parties to find a win-win, instead of litigation and arbitration which are essentially win-lose. If the mediator cannot find a solution with the parties, no award or judgment issues in favor of one and against the other party.