Section 60, The Arbitration Act, 2022

(1) An arbitral proceeding is terminated by the finalaward or by an order of the arbitral tribunal in accordance with subsection (2). (2) An arbitral tribunal shall issue an order for the termination of an arbitral proceedings where - (a) a claimant withdraws his claim, unless the respondent objects thereto and the arbitral tribunal recognises a legitimate interest on his part in obtaining a final settlement of the dispute; Form and contents of Termination o f enter a premises in the possession or control of a party to an arbitration; (d) the sale of any goods the subject of the arbitral proceedings; (e) the granting of an interim injunction or the appointment of a receiver. (2) Where the case is one of urgency, the Court - (a) may, on the application of a party or proposed party to the arbitral proceedings, make such orders as it thinks necessary for the purpose of preserving evidence or assets; (b) shall act only on the application of a party to the arbitral proceedings, upon notice to the other parties and to the arbitral tribunal, made with the permission of the arbitral tribunal or the agreement in writing of the other parties. (3) The Court shall act only if or to the extent that the arbitral tribunal and any arbitral or other institution or person vested by the parties with power make such order, has no power or is unable for the time being to act effectively. (4) Where the Court so orders, an order made by it under this section shall cease to have effect in whole or in part on the order of an arbitral tribunal or of any such arbitral or other institution or person having power to act in relation to the subject-matter of the order. PART X - MAKING OF AWARD AND TERMINATION OF PROCEEDINGS 56. (1) An arbitral tribunal shall decide a dispute in accordance with such rules of law as are chosen by the parties as applicable to the substance of the dispute and any designation of the law or legal system of a given State shall be construed, unless otherwise expressed, as directly referring to the substantive law of that State and not to its conflict of law rules. (2) Failing a designation by the parties, an arbitral tribunal shall apply the law determined by the conflict of law rules which it considers applicable. (3) An arbitral tribunal shall decide ex aequo et bono or as amiable compositeur only if the parties have expressly authorised it to do so. (4) In all cases, an arbitral tribunal shall decide in accordance with the terms of the contract and shall take into account the usages of the trade applicable to the transaction. 57. In an arbitral proceeding with more than one arbitrator, a decision of the arbitral tribunal shall be made, unless otherwise agreed by the parties, by a majority of all its members and questions of procedure may be decided by a presiding arbitrator, if so authorised by the parties or all members of the arbitral tribunal. 58. (1) Where during an arbitral proceeding 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 the settlement in the form of an arbitral award on agreed terms. (2) An award on agreed terms under subsection (1), shall be made in accordance with section 60, shall state that it is an award and that the award has the same status and effect as any other award on the merits of the case. 42 43 Rules applicable to substance of dispute. Decisionmaking by panel of Settlement. (b) the parties agree on the termination of the proceedings; (c) the arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible. (3) The mandate of an arbitral tribunal terminates with the termination of the arbitral proceedings, subject to section 61 or subsection (5) of section 63.