law: The Arbitration and Conciliation Act, 1996
  30. Settlement.
  1.  
  
    It
  
  is not incompatible with an arbitration agreement for an arbitral tribunal to
  
  encourage settlement of the dispute and, with the agreement of the parties, the
  
  arbitral tribunal may use mediation, conciliation or other procedures at any
  
  time during the arbitral proceedings to encourage settlement.
  2.  
  
    If,
  
  during arbitral proceedings, the parties settle the dispute, the arbitral
  
  tribunal shall terminate the proceedings and, if requested by the parties and
  
  not objected to by the arbitral tribunal, record die settlement in the form of
  
  an arbitral award on agreed terms.
  3.  
  
    Am
  
  arbitral award on agreed terms shall be made in accordance with section 31 and
  
  shall state that it is an arbitral award.
  4.  
  
    An
  
  arbitral award on agreed terms shall have the same status and effect as any
  
  other arbitral award on the substance of the dispute.