Dispute Settlement Case Study

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(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.” The arbitral tribunal may be told of the settlement by one of the parties alone, especially if the settlement has been recorded in a contract. Upon learning of the settlement, and being convinced that it had really taken place, the arbitral tribunal is called upon to terminate the proceedings, by which is meant the entire arbitration. It would be rare that a tribunal would do so without having received assurances from both or all the parties that the settlement had truly been agreed upon (unictad.org).
4.1.5. Default Award
The default award is the one made while one party has not participated in the proceedings. It is the common rule currently that the failure of the respondent to submit a defense or to participate in the hearings to which it has been given adequate notice does not impede the arbitral tribunal from continuing the proceedings o...

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