UNCITRAL Model Law on International Commercial Arbitration
Chapter-VI Making of Award and termination of proceedings
Article 30: Settlement.
(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 arbitral award on agreed terms.
(2) An award on agreed terms shall be made in accordance with the provisions of article 31 and shall state that it is an award. Such an award has the same status and effect as any other award on the merits of the case.
Access complete Bare Act here. To research Section and sub-section wise judgments, visit here.
Follow for daily updates: