Arbitration and Conciliation Act Section 74 — Status and effect of settlement agreement
CHAPTER II
Civil
Summary
The settlement agreement reached through conciliation is treated as if it were an arbitral award made on agreed terms by an arbitral tribunal under section 30 of the Act. This means the agreement carries the same legal standing and enforceability as such an award.
Official Text
The settlement agreement shall have the same status and effect as if it is an arbitral award on agreed terms on the substance of the dispute rendered by an arbitral tribunal under section 30.