law: Arbitration Act 1940
  Section 73
  Settlement  AgreementM
  (1) 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. After receiving the observations of the
  
  parties, the conciliator may reformulate the terms of a possible settlement in
  
  the light of such observations.
  (2) 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.
  (3) When the parties sign the settlement
  
  agreement, it shall be final and binding on the parties and persons claiming
  
  under them respectively.
  (4) The conciliator shall authenticate the
  
  settlement agreement and furnish a copy thereof to each of the parties.