Which of the following is incorrect statement
Verified Answer
A. Like arbitration prior agreement in writing is required in conciliation
B. Like arbitration, third person is chosen by the parties to re-solve the disputes
C. Like arbitration, conciliation, is also another means of settling dispute
D. None of the above
Explanation:
The statement "Like arbitration prior agreement in writing is required in conciliation" is incorrect. While an arbitration agreement must be in writing (Section 7 of the Arbitration and Conciliation Act, 1996), conciliation can be initiated even without a prior written agreement to conciliate. Section 61 of the Act allows a party to invite the other party to conciliate, and if the other party accepts, conciliation proceedings commence. There is no strict requirement for a prior written agreement to conciliate disputes, unlike arbitration.