Singapore legislation
Clause 37
Clause 37
Award by consent
(1)
If, during arbitration 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 arbitral award on agreed terms —
(a)
shall be made in accordance with section 38;
(b)
shall state that it is an award; and
(c)
shall have the same status and effect as any other award on the merits of the case.
(3)
An award on agreed terms may, with the leave of the Court, be enforced in the same manner as a judgment or order to the same effect, and where leave is so given, judgment may be entered in terms of the award.