Section 32
Settlement
ActIn forceProvision 32 of 49
Section 32
(1)
If, during arbitral proceedings, the parties settle the dispute, the arbitral tribunal shall terminate the proceedings and, if requested by the parties and not objected to by the arbitral tribunal, record the settlement in the form of an award on agreed terms.
(2)
An award on agreed terms shall be made in accordance with the provisions of section 33 and shall state that it is an award.
(3)
An award made under subsection (1) shall have the same status and effect as an award on the merits of the case.