(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:

Terms Used In Illinois Compiled Statutes 710 ILCS 30/25-25

  • 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.

        (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.
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