Explanation:

Methods of dispute settlement are

1. Conciliation - It is a non-binding procedure in which an impartial third party, the conciliator, assists the parties to a dispute in reaching a mutually agreed settlement of the dispute.
2. Arbitration - In this, the dispute is submitted to an arbitral tribunal which makes a decision on the dispute that is binding on the parties.
3. Adjudication - It involves intervention in the dispute by a third party appointed by the government for the purpose of deciding the nature of the final settlement.

• Depending on the nature of the dispute, the Act empowers the Government to refer the dispute to an appropriate authority which is Labour Court, Industrial Tribunal and National Tribunal.

Arbitration is also done by a third party but the arbitrator is not appointed by the Government.