FAI ExpArb FAI Expedited Arbitration Rules 2024
FAI ExpArb
FAI Expedited Arbitration Rules 2024
44.1 The sole arbitrator shall issue an order for the termination of the proceedings if:
(a) the claimant withdraws its claim, unless the respondent objects to the termination of the proceedings and the sole arbitrator determines that the respondent has a legitimate interest in obtaining a final settlement of the dispute;
(b) the parties agree on the termination of the proceedings; or
(c) the continuation of the proceedings becomes unnecessary or impossible for any other reason.
44.2 If the parties reach a settlement before the final award is made, the sole arbitrator may record the settlement in the form of a consent award if so requested by all parties. The provisions of Articles 41 and 42 shall apply to any consent award.
44.3 The sole arbitrator shall communicate an original copy of the order for the termination of the proceedings, or of the consent award, to each of the parties and the Institute without delay.
Import: