Question
Settlement agreement is covered under which section of
the Arbitration and Conciliation Act, 1996?Solution
S. 73. Settlement agreement .—(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.
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