Settlement Agreement Sec 73

b) The agreement is certified by the conciliator. [p. 73(4)] The opening of the conciliation procedure is similar to the offer and acceptance of contract law, but with a difference. Indeed, in the case of contract law, once the acceptance communication is closed against the acceptor, the contract is concluded and becomes binding for the parties. Whereas, in conciliation, the notification of the offer and acceptance must be written (s. 62) and this does not become binding, even after the opening of the proceedings, the parties are free to terminate it at each stage (Article 76), but before the signing of the transaction contract, which not only becomes enforceable, but which is applied by the court , as if it were a decree. Conciliation begins when the other party accepts in writing the invitation of the party initiating conciliation. In accordance with section 73 (3) of the Arbitration and Conciliation Act 1996 (`Law`), the transaction contract signed by the parties is final and binding on them and for those invoked. As a result, a successful conciliation procedure will not end until the transaction agreement signed by the parties comes into force. This type of agreement has the legal disqualification of an arbitration award under section 74 of the act. Section 4 of the Act empowers the competent government to appoint conciliation officers responsible for the duty of conciliation in the settlement of labour disputes. (i) the circumstances of the case (ii) expressed by the parties wishes for a speedy resolution. 1 bis) there is a law that provides for a different type of dispute resolution and the assertion that the transaction agreement is not sufficiently convincing.

The Court found that under Section 74, a transaction agreement would have the status and effect “as if it were an arbitral award”; Therefore, legal fiction gave the same status and effect as an arbitration award to a transaction agreement concluded in the conciliation procedure and certified by the conciliator. In other words, the transaction contract can be imposed as an arbitration award and it is not necessary for a party to a new procedure to be initiated in order to obtain an order concerning that decree. However, this does not mean that the transaction agreement will no longer be entered into voluntarily between the parties and will become an arbitral award; it has only the status and effect of a distinction under the law.

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