(1) If, during
arbitral proceedings, the parties settle the dispute, the arbitral tribunal
must 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
arbitral award on agreed terms.
(2) An award on agreed
terms is to be made in accordance with section 31 and must state that it is an
(3) Such an award has
the same status and effect as any other award on the merits of the case.