(1) It is not incompatible with an arbitration agreement for an arbitral tribunal to encourage settlement of the dispute and, with the agreement of the parties, the arbitral tribunal may use mediation, conciliation or other procedures at any time during the arbitral proceedings to encourage settlement.
(2) 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 arbitral award on agreed terms.
(3) An arbitral award on agreed terms shall be made in accordance with section 31 and shall state that it is an arbitral award.
(4) An arbitral award on agreed terms shall have the same status and effect as any other arbitral award on the substance of the dispute.
Arbitration and Conciliation Act 1996
Section 21 of Arbitration Act - Commencement of arbitral proceedings
Section 22 of Arbitration Act - Language
Section 23 of Arbitration Act - Statements of claim and defence
Section 24 of Arbitration Act - Hearings and written proceedings
Section 25 of Arbitration Act - Default of a party
Section 26 of Arbitration Act - Expert appointed by arbitral tribunal
Section 27 of Arbitration Act - Court assistance in taking evidence
Section 28 of Arbitration Act - Rules applicable to substance of dispute
Section 29 of Arbitration Act - Decision making by panel of arbitrators
Section 29A of Arbitration Act - Time limit for arbitral award
Section 29B of Arbitration Act - Fast track procedure
Section 30 of Arbitration Act - Settlement