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.
arbitral tribunal
“arbitral tribunal” means an emergency arbitrator, a sole arbitrator or a panel of arbitrators.
An award on agreed terms shall be made in accordance with the provisions of section 33 and shall state that it is an award.
award
“award” means a decision of the arbitral tribunal on the substance of the dispute and includes any final, interim or partial award and any award on costs or interest but does not include interlocutory orders;
An award made under subsection (1) shall have the same status and effect as an award on the merits of the case.