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What is the period of operation of a settlement or an award?

(1) A settlement remains in operation for such a period as is agreed upon by the parties and if no such period is agreed upon, for a period of six months from the date on which it is signed by the parties.
(2) An award remains in operation for a period of one year from the date it becomes enforceable.
(3) A settlement or an award continues to be binding on the parties even beyond the said periods until it is terminated by a party by giving notice to the other party. S.19

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