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What is the difference between a mediator and an arbitrator?

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What is the difference between a mediator and an arbitrator?

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The mediator does not make a decision, but rather works with the parties to assist them to find a solution, satisfactory to them, of the dispute between them. An arbitrator, also a third-party neutral, makes a decision based on the arbitration agreement and the evidence presented in the arbitration proceedings, and the decision, unless otherwise agreed, is binding on the parties.

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