Section 45: Settlement

(1) Where, during the arbitral proceedings, the parties settle the dispute, the arbitral tribunal shall terminate the arbitral proceedings, and may where requested by the parties and agreed to by the arbitral tribunal, record the settlement in the form of an arbitral award on agreed terms.
(2) An award on agreed terms recorded under subsection (1) shall -
(a) be in accordance with the provisions of section 47 of this Act and state that it is such an award; and
(b) have the same status and effect as any other award on the merits of the case.