"Progress in mediation comes swiftly for those who try their hardest." Patanjali

A mediator seeks to help both parties find a compromise solution acceptable to them both, and generally this less formal approach enables goodwill and a working relationship to be preserved. The only binding commitment the parties have is to pay the mediator's fees. They negotiate, often with the mediator speaking privately first with one party, then the other, bringing them both together to sort out the final details of the settlement when there appears to be agreement between them.

It's quick, it's cheap, it's informal. But the main disadvantage of mediation is that it is not binding or enforceable. At any point, one party can walk away from the process, and there is no way that they can be obliged to proceed further, except by moving to a more formal process.