According to Punjab Industrial Relations Act, settlement means a settlement, which is arrived at in course of a conciliation proceeding.
Following points are important for explanation of settlement:
(a) Conciliation proceedings
(c) Written agreement
(a) Concilation Proceedings
Such settlement is arrived at in course of any conciliation proceedings. .
Settlement includes an agreement, which is between an employer and his/her, and which is arrived at otherwise than in course of any conciliation proceeding
(c) Written Agreement
Such agreement should be in writing.
Such agreement should have been signed by its parties in prescribed manner.
To conclude, it can be stated that a copy of such agreement should have been sent to government, conciliator and other prescribed person.