No versions valid at: 17/12/1996
Point in time view as at 17/12/1996. This version of this provision is not valid for this point in time.
Arbitration Act 1996, Section 51 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Valid from 31/01/1997
(1)If during arbitral proceedings the parties settle the dispute, the following provisions apply unless otherwise agreed by the parties.
(2)The tribunal shall terminate the substantive proceedings and, if so requested by the parties and not objected to by the tribunal, shall record the settlement in the form of an agreed award.
(3)An agreed award shall state that it is an award of the tribunal and shall have the same status and effect as any other award on the merits of the case.
(4)The following provisions of this Part relating to awards (sections 52 to 58) apply to an agreed award.
(5)Unless the parties have also settled the matter of the payment of the costs of the arbitration, the provisions of this Part relating to costs (sections 59 to 65) continue to apply.
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