Last amended by an amending law of 2021. 2 amendments in all.
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.
arbitral tribunal
“arbitral tribunal” means a sole arbitrator or a panel of arbitrators or an arbitral institution, and includes an emergency arbitrator appointed pursuant to the rules of arbitration agreed to or adopted by the parties including the rules of arbitration of an institution or organisation;
An arbitral award on agreed terms —
award
“award” means a decision of the arbitral tribunal on the substance of the dispute and includes any interim, interlocutory or partial award but excludes any order or direction made under section 28;
must be made in accordance with section 38;
must state that it is an award; and
has the same status and effect as any other award on the merits of the case.
An award on agreed terms may, with the permission of the Court, be enforced in the same manner as a judgment or order to the same effect, and where permission is so given, judgment may be entered in terms of the award.