§ 1-567.62. Termination of proceedings. - North Carolina Statutes

§1‑567.62.  Termination of proceedings.

(a)        The arbitralproceedings are terminated by the final award or by an order of the arbitraltribunal in accordance with subsection (b) of this section.

(b)        The arbitraltribunal shall issue an order for the termination of the arbitral proceedingsif:

(1)        The claimantwithdraws the claim, unless the respondent objects to the order and thearbitral tribunal recognizes a legitimate interest on the respondent's part inobtaining a final settlement of the dispute;

(2)        The parties agree onthe termination of the proceedings; or

(3)        The arbitraltribunal finds that the continuation of the proceedings has for any otherreason become unnecessary or impossible.

(c)        Subject to theprovisions of G.S. 1‑567.63, the mandate of the arbitral tribunalterminates with the termination of the arbitral proceedings. (1991,c. 292.)