Lawgist73Settlement 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.
(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.
Download our fully-offline, High speed android app.- Click here
- 61 Application and scope
- 62 Commencement of conciliation proceedings
- 63 Number of conciliators
- 64 Appointment of conciliators
- 65 Submission of statements to conciliator
- 66 Conciliator not bound by certain enactments
- 67 Role of conciliator
- 68 Administrative assistance
- 69 Communication between conciliator and parties
- 70 Disclosure of information
- 71 Co-operation of parties with conciliator
- 72 Suggestions by parties for settlement of dispute
- 73 Settlement agreement
- 74 Status and effect of settlement agreement
- 75 Confidentiality
- 76 Termination of conciliation proceedings
- 77 Resort to arbitral or judicial proceedings
- 78 Costs
- 79 Deposits
- 80 Role of conciliator in other proceedings
- 81 Admissibility of evidence in other proceedings
