Which of the following describes mediation?

Mediation is a negotiation led by a neutral third party who assists the disputing parties in reaching a mutually acceptable resolution. In mediation, the mediator does not make binding decisions but rather facilitates communication and offers suggestions to help the parties find common ground. This process is typically less formal than court proceedings, encouraging an open dialogue and collaboration between the parties involved.

The other options do not accurately reflect the nature of mediation. A binding resolution by a judge refers to a court's decision, which is not characteristic of mediation since it lacks the authority to make binding outcomes. Informal discussions may occur in mediation, but they do not encompass the structured role of a mediator guiding the process. Additionally, a structured legal process implies a level of formality and adherence to legal procedures that is not present in typical mediation. Thus, the description that highlights the role of a neutral third party in facilitating negotiation is the most accurate representation of mediation.