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Settlement Agreement in Arbitration Procedure as a Transaction: Theoretical and Practical Conclusions

F.V. SARIMSOKOV, 
Lawyer at Schekin and partners LLC, Master Student of the S.S. Alekseev Research Center 
of Private Law under the President of the Russian Federation 

The article deals with the legal regulation of the settlement agreement in arbitration procedure. By taking into account the Russian and German experience the author proves the contract nature of the settlement agreement and proceeds from the corresponding necessity of extrapolation of rules about transactions on the settlement agreement. Settlement agreement as a legitimate legal action which is provided by norms of the Arbitration Procedure Code of the Russian Federation should have a place in the system of legal facts. Sources closest to the settlement agreement are the judgment, which establishes civil rights and obligations, as well as contracts and other transactions provided by law. Settlement agreement has a clear indication of the judgment, but the initiator of termination of the dispute is the parties themselves and not the court. Despite of the contract nature of the settlement agreement, it cannot be seen in purely material aspect: scientists consider it originates from the dual nature. Civil contract is at the heart of the settlement agreement, and in addition to regulations of a procedural law in case of settlement of the settlement agreement regulations of the civil law are subject to application as well: rules on transactions, agreements and obligations. However, these rules are applied to settlement agreements only in part of the content of the agreement and its execution, but not of the order of conclusion and termination. 

Keywords: settlement agreement; deal; big deal; invalidity of the transaction; estoppel; interpretation of contract; freedom of contract. 

References 

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Information about the author 

Sarimsokov F.V. (Moscow, Russia) – Lawyer at Schekin and partners LLC, Master Student of the S.S. Alekseev Research Center of Private Law under the President of the Russian Federation (121359, Moscow, Marshala Timoshenko st., 30-1616; e-mail: info@ schekinlaw.ru).

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F.V. Sarimsokov