AIBE XIII — December 2018 — Q.52 (Arbitration and Conciliation Act, 1996)

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Q.52

ADR & Arbitration Act Medium Knowledge-Based

Bare Act Arbitration and Conciliation Act, 1996 · Section 74

What is the status of a settlement agreement in Conciliation proceeding:

A Non-binding

✓ Same as a settlement award Answer

C Unlike a settlement award

D None of the above

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A settlement agreement in conciliation proceedings has the same status and effect as an arbitral award on agreed terms under Section 74 of the ACA. It is final, binding on parties, and enforceable as if it were a decree of court.

At a Glance

Subject ADR & Arbitration Act

Difficulty Medium

Act Arbitration and Conciliation Act, 1996

Section Section 74

Answer (B) Knowledge-Based

Paper AIBE XIII — December 2018

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