§ 1297.303.Law Governing Award On Agreed Terms
Title 9.3. Arbitration and Conciliation of International Commercial Disputes · Chapter 6. Making of Arbitral Award and Termination of Proceedings · Article 3. Settlement · Enacted 1988 · no amendments on record · Last verified July 29, 2026
Full Text of § 1297.303
Plain-English Summary
Recording a settlement as an award under Section 1297.302 doesn't mean it gets to skip the formalities that apply to every other award. This section holds it to the same standard, requiring an award on agreed terms to be made in accordance with Article 4's rules on form and content -- covering matters like a writing, signatures, and a stated date and place.
It adds one further requirement specific to this kind of award: the document has to state that it is an arbitral award. That label matters because an agreed-terms award can otherwise look like an ordinary settlement contract. Making the tribunal spell out its status as an award removes any doubt about what the document is and what legal effect attaches to it.
Frequently Asked Questions
Does an award on agreed terms have to meet the same formal requirements as any other arbitral award?
Yes. Section 1297.303 requires it to be made in accordance with Article 4, the same form-and-content rules that apply to every arbitral award.
Does the document have to say anywhere that it's an arbitral award?
Yes. The section specifically requires the award to state that it is an arbitral award.
Why does the label matter if the parties already agreed to the settlement terms?
Because without that label, the document could be read as an ordinary settlement contract rather than an arbitral award, which affects how it can later be recognized and enforced.
Amendment History
Added by Stats. 1988, Ch. 23, Sec. 1. Effective March 7, 1988.