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Humanities/Arts Exam  >  Humanities/Arts Questions  >  Section 73 lays down the provisions for _____... Start Learning for Free
Section 73 lays down the provisions for ______________.
  • a)
    Costs
  • b)
    Termination of conciliation proceedings
  • c)
    Confidentially
  • d)
    Settlement agreement
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Section 73 lays down the provisions for ______________.a)Costsb)Termin...
Termination of conciliation proceedings:
Section 73 of the Arbitration and Conciliation Act, 1996, deals with the provisions for the settlement agreement in conciliation proceedings. Here's a detailed explanation of this section:

Settlement agreement:
- Section 73 states that if during the conciliation proceedings, the parties reach a settlement agreement, the conciliator shall draw up the settlement agreement and have it signed by the parties.
- The settlement agreement shall be final and binding on the parties, and they shall carry it out in good faith.
- Once the settlement agreement is signed, the conciliator shall terminate the conciliation proceedings.

Legal implications:
- The settlement agreement reached during conciliation proceedings has the same legal status and effect as if it were an arbitral award on agreed terms.
- The settlement agreement can be enforced as if it were a decree of the court.

Confidentiality:
- Section 73 also emphasizes the confidentiality of the conciliation process. The conciliator and the parties involved in the conciliation proceedings must maintain confidentiality regarding all matters relating to the proceedings.
- The settlement agreement is also kept confidential unless its disclosure is necessary for implementation and enforcement.
In conclusion, Section 73 of the Arbitration and Conciliation Act, 1996, establishes the legal framework for the termination of conciliation proceedings through a settlement agreement. It underscores the finality and enforceability of the settlement agreement while stressing the importance of maintaining confidentiality throughout the conciliation process.
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Section 73 lays down the provisions for ______________.a)Costsb)Termin...
Settlement agreement after conciliation proceedings is drawn by conciliator(s), when he finds elements of settlement agreement in the matter. This has been provided under section 73 of the act which says that: When it appears to the conciliator that there exist elements of a settlement, which may be acceptable to the parties, he shall formulate the terms of a possible settlement and submit them to the parties for their observations. If the parties reach agreement on a settlement of the dispute, they may draw up and sign a written settlement agreement. If requested by the parties, the conciliator may draw up, or assist the parties in drawing up, the settlement agreement. When the parties sign the settlement agreement, it shall be final and binding on the parties and persons claiming under them respectively. The conciliator shall authenticate the settlement agreement and furnish a copy thereof to each of the parties.
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Directions: Read the following passage carefully:Arbitration has been the toast of the legal community for a long time. It has been long expected that arbitration will replace business litigation to a great extent one day. Lawyers have been encouraging parties to have an arbitration agreement in all their business transaction documents for more than two decades now. However, arbitration has not been proven to be effective too often.A lot of lawyers have begun to re-evaluate if they should put in those arbitration clauses blindly in the agreements they draft. Also, a lot of people who have already put in binding arbitration clauses in their agreements, are finding arbitration very difficult to navigate and too expensive when disputes actually arise.Even after 23 years since the introduction of Arbitration and Conciliation Act of 1996, arbitration seems to be slowly evolving and not really making a dent on pendency of litigation situation and more costly unlike litigation. The Act empowers the arbitrator to terminate the proceedings where without any sufficient cause, the claimant fails to communicate his statement of claim within the stipulated period. If the respondent fails to submit his statement of defence within the predetermined period, the arbitrator shall continue with the proceedings without treating such a failure in itself as an admission of claimants allegations.Would it ever become the mature alternative that Indian businesses can safely rely on for reliable, fast, efficient and cost-effective dispute resolution, especially given the terrible state of civil justice?The BN Srikrishna Committee Report on Institutionalisation of Arbitration Mechanism in India states that a lack of governmental support to promote arbitration is also one of the reasons why arbitration has not become the most preferred way of resolution. The report goes on to suggest that there should be awareness programmes and training to make arbitration a more popular concept. However, such awareness campaigns are very unlikely to attract parties to arbitration given the way it functions at present.Quality of arbitration and arbitrators can often be suspect. The courts have settled the legal proposition that an arbitration agreement is not required to be in any particular form. Courts in India regularly interfere and do not respect party autonomy. The award is expected to be up for appeal or review in the higher courts and that really does not instill confidence in the parties involved in disputes. These factors are putting off parties from adopting arbitration. At present, it appears that only in a handful of matters involving very large claims, arbitration is still viable in India.Q.Chand was alleged by Suraj on the acquisition of his house in Delhi which was decided to be dealt under the Arbitration Act. The arbitrator asked Chand to submit his statement within a month. Chand failed to submit his statement within the stipulated time. The arbitrator terminated the proceedings on account that Chand failed to submit the statement. Is the termination valid?

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Section 73 lays down the provisions for ______________.a)Costsb)Termination of conciliation proceedingsc)Confidentiallyd)Settlement agreementCorrect answer is option 'D'. Can you explain this answer?
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