Document background
The Arbitration Settlement Agreement is a crucial document used to formalize and memorialize the resolution of disputes reached through arbitration proceedings in Canada. It is typically employed when parties have successfully concluded arbitration and need to document their settlement terms in a legally binding format. This document combines elements of both arbitration law and contract law, ensuring compliance with federal legislation such as the Commercial Arbitration Act and relevant provincial arbitration statutes. The agreement serves multiple purposes: it clearly defines the terms of settlement, provides mechanisms for enforcement, includes mutual releases, and establishes confidentiality obligations. It is particularly important in commercial disputes where parties seek a definitive and enforceable resolution while maintaining privacy and avoiding court proceedings.
