Distinction between Awards and Settlement

No
Award
Settlement
1
Section 2(b) of the Industrial dispute Act 1947 defines Award.
Section 2(p) of the Industrial dispute Act 1947 defines Settlement.
2
“Award” means an interim or a final determination of any industrial dispute or of any question relating thereto by any Labour Court, Industrial Tribunal or National Industrial Tribunal and includes an arbitration award made under Section 10-A.  
“Settlement” means a settlement arrived at in the course of conciliation proceeding and includes a written agreement between the employer and workmen arrived at otherwise than in the course of conciliation proceeding where such agreement has been signed by the parties thereto in such manner as may be prescribed and a copy thereof has been sent to an officer authorized in this behalf by the appropriate Government and the conciliation officer.
3
It is the decision given by the arbitrator, Labour Court or Industrial Tribunal.
It is arrived at as a result of conciliation between the parties to the settlement.    
4
It resembles the judgment of a Court.
It resembles a gentleman agreement.
5
It is to be signed by the Presiding Officer.
It is signed by the parties to the dispute.

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