(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.
Arbitration and Conciliation Act 1996
Section 71 of Arbitration Act - Co-operation of parties with conciliator
Section 72 of Arbitration Act - Suggestions by parties for settlement of dispute
Section 73 of Arbitration Act - Settlement agreement
Section 74 of Arbitration Act - Status and effect of settlement agreement
Section 75 of Arbitration Act - Confidentiality
Section 76 of Arbitration Act - Termination of conciliation proceedings
Section 77 of Arbitration Act - Resort to arbitral or judicial proceedings
Section 78 of Arbitration Act - Costs
Section 79 of Arbitration Act - Deposits
Section 80 of Arbitration Act - Role of conciliator in other proceedings