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The Arbitration and Conciliation Act, 1996: page 21

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    (3) The arbitral tribunal shall follow the following procedure while conducting arbitration
proceedings under sub-section (1):
       (a) The arbitral tribunal shall decide the dispute on the basis of written pleadings, documents and
    submissions filed by the parties without any oral hearing;
        (b) The arbitral tribunal shall have power to call for any further information or clarification from
    the parties in addition to the pleadings and documents filed by them;
       (c) An oral hearing may be held only, if, all the parties make a request or if the arbitral tribunal
    considers it necessary to have oral hearing for clarifying certain issues;
        (d) The arbitral tribunal may dispense with any technical formalities, if an oral hearing is held,
    and adopt such procedure as deemed appropriate for expeditious disposal of the case.
    (4) The award under this section shall be made within a period of six months from the date the arbitral
tribunal enters upon the reference.
    (5) If the award is not made within the period specified in sub-section (4), the provisions of
sub-sections (3) to (9) of section 29A shall apply to the proceedings.
    (6) The fees payable to the arbitrator and the manner of payment of the fees shall be such as may be
agreed between the arbitrator and the parties.]
     30. Settlement.—(1) It is not incompatible with an arbitration agreement for an arbitral tribunal to
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encourage settlement of the dispute and, with the agreement of the parties, the arbitral tribunal may use
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mediation, conciliation or other procedures at any time during the arbitral proceedings to encourage
settlement.
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     (2) If, during arbitral proceedings, the parties settle the dispute, the arbitral tribunal shall terminate the
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proceedings and, if requested by the parties and not objected to by the arbitral tribunal, record the
settlement in the form of an arbitral award on agreed terms.
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      (3) An arbitral award on agreed terms shall be made in accordance with section 31 and shall state that
it is an arbitral award.
    (4) An arbitral award on agreed terms shall have the same status and effect as any other arbitral award
on the substance of the dispute.
    31. Form and contents of arbitral award.—(1) An arbitral award shall be made in writing and shall
be signed by the members of the arbitral tribunal.
    (2) For the purposes of sub-section (1), in arbitral proceedings with more than one arbitrator, the
signatures of the majority of all the members of the arbitral tribunal shall be sufficient so long as the
reason for any omitted signature is stated.
    (3) The arbitral award shall state the reasons upon which it is based, unless—
        (a) the parties have agreed that no reasons are to be given, or
        (b) the award is an arbitral award on agreed terms under section 30.
    (4) The arbitral award shall state its date and the place of arbitration as determined in accordance with
section 20 and the award shall be deemed to have been made at that place.
    (5) After the arbitral award is made, a signed copy shall be delivered to each party.
   (6) The arbitral tribunal may, at any time during the arbitral proceedings, make an interim arbitral
award on any matter with respect to which it may make a final arbitral award.
    (7) (a) Unless otherwise agreed by the parties, where and in so far as an arbitral award is for the
payment of money, the arbitral tribunal may include in the sum for which the award is made interest, at
such rate as it deems reasonable, on the whole or any part of the money, for the whole or any part of the
period between the date on which the cause of action arose and the date on which the award is made.




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