Page:Arbitration Act 2001.pdf/24

24 Extension of time for making award

36.—(1) Where the time for making an award is limited by the arbitration agreement, the Court may by order, unless otherwise agreed by the parties, extend that time.

(2) An application for an order under this section may be made—
 * (a) upon notice to the parties, by the arbitral tribunal; or
 * (b) upon notice to the arbitral tribunal and the other parties, by any party to the proceedings.

(3) An application under this section shall not be made unless all available tribunal processes for application of extension of time have been exhausted.

(4) The Court shall not make an order under this section unless it is satisfied that substantial injustice would otherwise be done.

(5) The Court may extend the time for such period and on such terms as it thinks fit, and may do so whether or not the time previously fixed by or under the arbitration agreement or by a previous order has expired.

(6) The leave of the Court shall be required for any appeal from a decision of the Court under this section.

Award by consent

37.—(1) If, during arbitration 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 the settlement in the form of an arbitral award on agreed terms.

(2) An arbitral award on agreed terms—
 * (a) shall be made in accordance with section 38;
 * (b) shall state that it is an award; and
 * (c) shall have the same status and effect as any other award on the merits of the case.

(3) An award on agreed terms may, with the leave of the Court, be enforced in the same manner as a judgment or order to the same effect, and where leave is so given, judgment may be entered in terms of the award.