[SG] AA 2001 Singapore Arbitration Act 2001
[SG] AA 2001
Singapore Arbitration Act 2001
(1) If, during arbitral proceedings, the parties settle the dispute, the arbitral tribunal must 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) must be made in accordance with section 38;
(b) must state that it is an award; and
(c) has the same status and effect as any other award on the merits of the case.
(3) An award on agreed terms may, with the permission of the Court, be enforced in the same manner as a judgment or order to the same effect, and where permission is so given, judgment may be entered in terms of the award.
Imported: