law: The Arbitration and Conciliation Act, 1996
  73. Settlement
  
  agreement.
  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.