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Status And Effect Of Settlement Agreement

October 9th, 2021

An agreement between the parties to the dispute is a complex that we urgently need in the modern commercial world. A settlement ensures that disputes between the parties end amicably and that each party is satisfied. In return, out-of-court settlement procedures, such as simple procedures, reduce the burden on the courts and also reduce legal costs for the parties to the dispute. These comparisons were therefore accepted in the same way by the parties to the proceedings as by the courts. Therefore, the courts have not hesitated or challenged the fact of definitively lending the terms of a settlement agreement, such as an arbitral award, such as the Arbitration and Conciliation Act 1996. The assertion that the settlement agreement is not sufficiently buffered is not convincing. The Court stated that under article 74, a settlement agreement had the status and effect “as if it were an arbitral award”; thus, an agreement of composition concluded in the context of the conciliation proceedings and certified by the conciliator has received, by legal fiction, the same status and effect as an arbitral award. In other words, the settlement agreement can be enforced as an arbitral award and it is not necessary for a party to initiate new proceedings to obtain a decree to that effect. However, this does not mean that the settlement agreement is no longer a voluntary agreement between the parties and becomes an arbitral award; it has only the status and effect of a distinction under the law. The settlement agreement remains an agreement and should be qualified as such.” It should be noted that all agreements or understandings between the parties, in any form, do not obtain the status of a settlement agreement within the meaning of Article 73 of the Act. He also stated that “it is well regulated that a legal fiction cannot be extended beyond the purpose for which it was created. Section 74 of the Act creates a legal fiction to make arbitration the status and effect of a settlement agreement in accordance with Section 73. The objective is clearly to allow the enforcement of such agreements, such as an arbitral award, without further judicial proceedings.

Legal fiction cannot be extended to other laws. In Mysore Cements Limited v. . .

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