Industrial Relations Act, 2012 — section 50

50. Effective date of settlement, award, etc..—(1) A settlement shall become effective

(a)if a date is agreed upon by the parties to the dispute to which it relates, on such date; and

(b)if a date is not so agreed upon, on the date on which the memorandum of the settlement is signed by the parties.

(2)A settlement shall be binding for such period as is agreed upon by the parties, and if no such period is agreed upon for a period of one year from the date on which the memorandum of settlement is signed by the parties to the dispute and shall continue to be binding on the parties after the expiry of the aforesaid period until the expiry of two months from the date on which either party informs the other party in writing of its intention no longer to be bound by the settlement.

(3)An order passed by the Commission shall, unless an appeal against it is preferred to the Full Bench, become effective on such date and remain effective for such period, not exceeding two years, as may be specified therein. The Arbitrator or the Commission shall specify dates from which the award or decision on various demands shall be effective and the time limit by which it shall be implemented in each case; Provided that if, at any time before the expiry of the said period, any party bound by an award or decision applies to the Commission for reduction of the said period on the ground that the circumstances in which the award or decision was made have materially changed, the Commission may, by order made after giving to the other party an opportunity of being heard, terminate the said period on a date specified in the order.

(4)Notwithstanding the expiry of the period for which an award is to be effective under sub section (3), the award shall continue to be binding on the parties until the expiry of two months from the date on which either party informs the other party in writing of its intention no longer to be bound by the award.