Settlement is the discharge of a debt or claim or settling of a sum of money between parties.
In Alternative Dispute Resolution, settlement, along with Arbitration and Conciliation are different methods of determining disputes outside the Court. According to Section 30 of Arbitration and Conciliation Act, 1996, an Arbitral Tribunal, even during or at any time of the proceedings of the Arbitration, should encourage settlement between the parties. When parties settle the dispute themselves, a 'settlement award' which is in the form of an Arbitral Award is given.
Related Acts / Laws
- Section 2 of Specific Relief Act, 1963
- Stamp Act, 1870
- Arbitration and Conciliation Act, 1996
- United Nations Commission on International Trade Law