§ 25-25 — Termination of proceedings

(a) The arbitral proceedings are terminated by the final award or by an order of the arbitral tribunal in accordance with subsection (b) of this Section. (b) The arbitral tribunal shall issue an order for the termination of the arbitral proceedings when any one of the following events occurs: (1) The claimant withdraws its claim, unless the respondent objects thereto and the arbitral tribunal recognizes a legitimate interest on his or her part in obtaining a final settlement of the dispute. (2) The parties agree on the termination of the proceedings. (3) The arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible. (c) Subject to Section 25-30 of this Act, the mandate of the arbitral tribunal terminates with the termination of the arbitral proceedings.

Legislative History

(Source: P.A. 90-631, eff. 7-24-98.)