(1) Where the parties settle the dispute in the course of the arbitral proceedings, the arbitral tribunal will terminate the proceedings. On request by the parties, the arbitral tribunal will record the settlement in the form of an arbitral award on agreed terms, provided that the substance of the settlement does not violate public policy (ordre public).
(2) An arbitral award on agreed terms is to be made in accordance with the provisions of section 1054 and must state that it is an arbitral award. Such an arbitral award has the same effect as any other arbitral award on the merits of the case.
(3) Insofar as declarations must be recorded by a notary in order to be effective, this requirement is replaced, in the case of an arbitral award on agreed terms, by recording the declarations of the parties in the arbitral award.
(4) Provided the parties consent to this being done, an arbitral award on agreed terms may also be declared enforceable by a notary having their official seat in the district of the court competent for the declaration of enforceability stipulated by section 1062 (1) and (2). The notary will refuse to make such a declaration of enforceability where the prerequisites of subsection (1) sentence 2 have not been met.