Converting settlement agreements into consent awards

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In the procedure of an arbitration case, it is not unusual for parties to reach a settlement agreement, during or outside the oral hearing, either through negotiations conducted under the auspices of the arbitral tribunal or at their own initiative, resolving their dispute in an amicable manner.

Arbitration cases in which a settlement agreement is reached are generally concluded by withdrawal of the case, a mediation document or a consent award. Conclusion of a dispute by way of mutual settlement achieves a balance in the parties’ interests and maintains the basis for future co-operation, and also avoids the risk of an unfavourable arbitration award and can produce a more efficient resolution to the dispute. For parties previously at loggerheads, this can be the best outcome.

Any single arbitration case usually only reflects a small portion of the business dealings and disputes between the parties, and the settlement agreement submitted to the arbitral tribunal often contains a string of resolution opinions regarding the relevant contract and disputes. The combination of the string of demands for resolving disputes, and the demands for the efficient rendering and enforceability of the award, generate a need for conversion of the settlement agreement into a consent award.

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Tian Yusu is a case manager of China International Economic and Trade Arbitration Commission

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