yes - not in the court and conversation, admissions etc during...

yes - not in the court and conversation, admissions etc during the mediation is not admisable in any subsequent court process if the mediation fails.

A professional mediator in the middle (could even be a retired judge or barrister) and the guns for hire on each side - mediator tries to get the two sides to listen to each other, sets out the risks for each side and tries
to get them to settle. The general principle is that if both sides are grumpy about the agreed deal then it is probably the right answer. It isn't cheap - everyone assisting wants their fees usually at full bottle but it is much cheaper than a hearing if successful. If not it becomes an extra cost - usually shared by the parties.