If during arbitral proceedings the parties1 settle the dispute2, then, unless otherwise agreed by the parties3, the arbitral tribunal4 must terminate the substantive proceedings and, if so requested by the parties and not objected to by the tribunal, must record the settlement in the form of an agreed award5. An agreed award must state that it is an award of the tribunal and has the same status and effect as any other award on the merits of the case
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