Document background
The Arbitration Settlement Agreement is a crucial document used when parties involved in arbitration proceedings reach a mutual agreement to resolve their dispute. This document, governed by New Zealand law, particularly the Arbitration Act 1996, serves to formalize the settlement terms and create legally binding obligations between the parties. It is typically employed when parties wish to conclude their arbitration proceedings through a negotiated settlement rather than proceeding to a final arbitral award. The agreement encompasses essential elements such as settlement terms, payment provisions, mutual releases, and implementation mechanisms, while ensuring compliance with New Zealand's legal framework for alternative dispute resolution. This document is particularly important as it provides certainty and finality to the dispute while being enforceable through the New Zealand courts if necessary.
