Settlement agreement
Section 73 of the Arbitration & Conciliation Act 1996 deals with settlement agreement. 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.
(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.
Section 73, The Arbitration & Conciliation Act 1996 (Act 26 of 1996).
Questions about Section 73
What does Section 73 of the Arbitration & Conciliation Act 1996 deal with?
Section 73 of the Arbitration & Conciliation Act 1996 is headed "Settlement agreement". 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.
How do I find court cases under Section 73 of the Arbitration & Conciliation Act 1996?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Arbitration & Conciliation Act 1996 73, section 73 Arbitration & Conciliation Act 1996, section 73 of the Arbitration & Conciliation Act 1996. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
When was the Arbitration & Conciliation Act 1996 enacted?
Arbitration & Conciliation Act 1996 was enacted in 1996 as Act 26 of 1996. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- 86. Repeal and saving13407 words
- 11. Appointment of arbitrators1361 words
- 31. Form and contents of arbitral award844 words
- 34. Application for setting aside arbitral award750 words
- 2. Definitions669 words
- 16. Competence of arbitral tribunal to rule on its jurisdiction589 words
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