A settlement award (often called a "Consent Award") is an arbitral award that records the terms of a settlement reached voluntarily by the parties during the arbitration proceedings. Refer Section 30 (Settlement) of the Arbitration and Conciliation Act, 1996.
Process: If parties settle their dispute during arbitration, the tribunal may terminate the proceedings. If requested by the parties and not objected to by the tribunal, the settlement is recorded in the form of an arbitral award on agreed terms.
Status: It has the same status and effect as any other arbitral award on the merits of the case.
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