When it appears to the conciliator that there exists elements of settlement which may be acceptable to the parties, he shall formulate the terms of a possible settlement and submit the same to the parties for their observations. After receiving the observations of the parties the conciliator may reformulate the terms of a possible settlement in the light of such observations.
If the parties reach agreement on a settlement of a dispute, they may drop and sign a written settlement agreement. If requested by the parties, the conciliator may drop or assist the parties in drawing up, the settlement agreement.
When the parties sign the settlement agreement, it shall be final and binding on the parties and persons claiming under them respectively.
The conciliator shall authenticate the settlement agreement and furnish a copy thereof to each of the parties. (Section 73)