Section 45 Arbitration and Mediation Act

Section 45 Arbitration and Mediation Act 2023 is about Settlement. It is under Part I (Arbitration) of the Act.

(1) Where, during the arbitral proceedings, the parties settle the dispute, the arbitral tribunal Settlement shall terminate the arbitral proceedings, and may where requested by the parties and agreed to by the arbitral tribunal, record the settlement in the form of an arbitral award on agreed terms.

(2) An award on agreed terms recorded under subsection (1) shall –
(a) be in accordance with the provisions of section 4 7 of this Act and state that it is such an award; and
(b) have the same status and effect as any other award on the merits of the case.