Is a Mediation Agreement a 'Legally Binding' Agreement?

So you think you are on the home stretch having endured a marathon mediation session and the parties have reached heads of agreement they think they can all live with - now the parties are now seeking to formalise the agreement in writing.

You write down the parties names on the top of the agreement and in dot points you write down the terms of the settlement whilst being careful to use their words as much as possible.

Then comes the question from one of the parties  - "is this agreement we are drafting legally enforceable?"

As this is a legal question - I concede my response is a bit heavy 

SCRAM

Have you heard of SCRAM? It's an interactive / inter-school, mediation role play competition which develops mediation skills in years 9 and 10 students. The aim is to develop in young people collaborative conflict resolution and leadership skills.