In addition, in Mysore Cements Limited v. Svedela Barmac Ltd3. was followed by the Apex Court and reiterated its view in the Haresh Dayaram Thakur (supra) case, the settlement agreement is reached in accordance with Article 73, which meets the requirements set out in it, and it obtains the status and effect of an arbitration award under the terms agreed in the case of the case of the division 30 arbitration of the law. When a transaction agreement is entered into pursuant to section 73, which meets the requirements set out in it, it obtains the status and effect of an arbitral award issued by the Arbitration Tribunal under Section 30 of the Act. In addition, it was found that a mere substantial compliance with Section 73 was not sufficient; all legal requirements must be met. Section 44. Conciliation procedure. 1. When a dispute is reported to the Chief Labour Secretary and he or she is satisfied that the dispute resolution procedures under a collective agreement for the parties to the dispute are exhausted, unless all parties have agreed to waive those proceedings, the Chief Labour Secretary or a person authorized by the Party to do so. , strives to reconcile the parties, subject to paragraph 2) The arbitration agreement must be made in writing. It can be in the form of a compromise clause in a contract or in a separate agreement. There is no specific form for an arbitration agreement and the courts will review the text to determine whether the parties intended to enter into an arbitration agreement.
The agreement must not use the terms “arbitrary court,” “arbitrator” or “arbitrator” to be considered a valid arbitration agreement. It is not enough to reach an agreement or an agreement. Legal formalities must be reviewed to ensure the validity of the agreement. The transaction agreement is signed by all parties involved. The absence of a signature can easily be the cause of the challenge to the document in court at a later date. A transaction contract may also be signed by two witnesses, although this is not necessary. 1. When a dispute has been referred to the Commission, the Commission must appoint a representative to try to resolve it through a conciliation procedure. “It is clear from the legal provisions above that a conciliator is a person designed to assist the parties in resolving their differences. To this end, the conciliator, with broad powers, has the power to rule on the procedure he must follow and which is not disturbed by procedural law such as the Code of Civil Procedure or the Indian Evidence Act of 1872.
If the parties are able to resolve the dispute between them by mutual agreement and it appears that there is an acceptable transaction element for the parties, it will act in accordance with the Section 73 procedure, formulate the terms of a transaction and submit the parties for comment; and the final step for a conciliator is to reach a settlement based on the parties` comments on the conditions it formulates.