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Section 30 of Arbitration and Conciliation Act, 1996
Section 30 of Arbitration and Conciliation Act, 1996 deals with Settlement.
From the Act
(1) It is not incompatible with an arbitration agreement for an arbitral tribunal to encourage settlement of the dispute and, with the agreement of the parties, the arbitral tribunal may use mediation, conciliation or other procedures at any time during the arbitral proceedings to encourage settlement.
(2) If, during arbitral proceedings, the parties settle the dispute, the arbitral tribunal shall terminate the proceedings and, if requested by the parties and not objected to by the arbitral tribunal, record die settlement in the form of an arbitral award on agreed terms.
(3) An arbitral award on agreed terms shall be made in accordance with section 31 and shall state that it is an arbitral award.
(4) An arbitral award on agreed terms shall have the same status and effect as any other arbitral award on the substance of the dispute.
Related Cases / Recent Cases / Case Laws
Related Sections from the Act
- Section 28: Rules applicable to substance of dispute
- Section 29: Decision making by panel of arbitrators
- Section 31: Form and contents of arbitral award
- Section 32: Termination of proceedings
- Section 33: Correction and interpretation of award; additional award
- Arbitration Act, 1940
- United Nations Commission on International Trade Law
- Indian Contract Act, 1872
- Limited Liability Partnership Act, 2008
- Companies Act, 1956
- Code of Civil Procedure, 1908
- Code of Criminal Procedure, 1973