(1) Arbitral proceedings are terminated by the final award or by an order of the arbitral tribunal pursuant to subsection (2).
(2) The arbitral tribunal shall issue an order for the termination of the arbitral proceedings when:
(a) The claimant withdraws its claim, unless the respondent objects to the withdrawal of the claim and the arbitral tribunal recognizes that the respondent has a legitimate interest in obtaining a final settlement of the dispute;
Terms Used In Florida Statutes 684.0043
- Arbitral tribunal: means a sole arbitrator or panel of arbitrators. See Florida Statutes 684.0003
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) The parties agree on the termination of the proceedings; or
(c) The arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible.