Conciliation is a process in which a neutral third person helps the parties in reaching a negotiated settlement. The neutral third person is known as a conciliator. The parties meet him separately in order to resolve their differences. It is a voluntary proceeding, wherein the parties involved are free to agree or disagree. The process is flexible and allows the parties to define the time, structure and content of the proceedings. The conciliator, while proposing a settlement, takes into account the legal position, commercial, financial and personal interests of the parties