Question

Section $73$ lays down the provisions for ______________.

• A. costs
• B. termination of conciliation proceedings
• C. confidentially
• D. settlement agreement

Answer 1

The correct option is D settlement agreement

D is the correct option.

Settlement agreement after conciliation proceedings is drawn by conciliator(s), when he finds elements of settlement agreement in the matter. This has been provided under section 73 of the act which says that:

• 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.
  
• 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.
  
• When the parties sign the settlement agreement, it shall be final and binding on the parties and persons claiming under them respectively.
  
• The conciliator shall authenticate the settlement agreement and furnish a copy thereof to each of the parties.