§ 1-567.60. Settlement. - North Carolina Statutes

§1‑567.60.  Settlement.

(a)        An arbitraltribunal may encourage settlement of the dispute and, with the agreement of theparties, may use mediation, conciliation, or other procedures at any timeduring the arbitral proceedings to encourage settlement.

(b)        If, during arbitralproceedings, the parties settle the dispute, the arbitral tribunal shallterminate the proceedings and, if requested by the parties and not objected toby the arbitral tribunal, record the settlement in the form of an arbitralaward on agreed terms.

(c)        An award on agreedterms shall be made in accordance with the provisions of G.S. 1‑567.61and shall state that it is an arbitral award.  Such an award shall have thesame status and effect as any other award on the substance of the dispute. (1991,c. 292.)