(1) Upon preparing a proposal for conciliation, a conciliation committee shall give notice of such proposal to each party without delay.
(2) Where a party in receipt of notice of the proposal for conciliation given under paragraph (1), fails to express its intention in writing to accept it within 14 days of receipt of the notice, the party shall be deemed to have rejected the conciliation. <Amended on Jun. 9, 2020>
(3) Where each party accepts a proposal for conciliation under paragraph (2), agreement shall be deemed reached as stated in the proposal for conciliation.
(4) Where agreement is reached under paragraph (3), the chairperson of the conciliation committee shall prepare a deed of conciliation with the same content of the proposal for conciliation. Where agreement is reached between parties to a dispute to the effect that such parties accept compulsory execution regarding the payment of money, payment in kind or the transfer of real estate, the chairperson of the conciliation committee shall state the same in a deed of conciliation.[This Article Added on May 29, 2016]