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Section 73: Settlement agreement

The Arbitration & Conciliation Act 1996State Act of Punjab · Act 26 of 1996

(1) When it appears to the conciliator that there exist elements of a settlement which may be acceptable to the parties, he shall formulate the terms of a possible settlement and submit them to the parties for their observations. After receiving the observations of the parties, the conciliator may reformulate the terms of a possible settlement in the light of such observations.

(2) If the parties reach agreement on a settlement of the dispute, they may draw up and sign a written settlement agreement. If requested by the parties, the conciliator may draw up, or assist the parties in drawing up, the settlement agreement.

(3) When the parties sign the settlement agreement, it shall be final and binding on the parties and persons claiming under them respectively.

(4) The conciliator shall authenticate the settlement agreement and furnish a copy thereof to each of the parties.

Where this provision sits

ActThe Arbitration & Conciliation Act 1996
Section73
Marginal noteSettlement agreement
JurisdictionState of Punjab
StatusIn force as published by the source

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