[HK] AO Hong Kong Arbitration Ordinance
[HK] AO
Hong Kong Arbitration Ordinance
(1) Article 30 of the UNCITRAL Model Law, the text of which is set out below, has effect—
“Article 30. Settlement
(1) If, during arbitral 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 award on agreed terms shall be made in accordance with the provisions of article 31 and shall state that it is an award. Such an award has the same status and effect as any other award on the merits of the case.”.
(2) If, in a case other than that referred to in article 30 of the UNCITRAL Model Law, given effect to by subsection (1), the parties to an arbitration agreement settle their dispute and enter into an agreement in writing containing the terms of settlement (settlement agreement), the settlement agreement is, for the purposes of its enforcement, to be treated as an arbitral award.
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