Settlement Agreement executed between the disputing parties through Conciliation process has the same status and effect as an Arbitral Award. Still, Conciliation ensures speedy and cost-effective settlement of the dispute unlike court litigation and arbitration. Conciliation has the potential to bring such desirable outcomes, which are always been missing, i.e. safeguarding the relationship and ensuring finality to the dispute. The only problem is its proper utilization by the disputants to its potential. The paper will analyse in details and compare Conciliation mechanism against court litigation and arbitration proceedings so that it’s hidden worth can be unveiled.