(1) The arbitral proceedings are terminated by the final award, or by an order by the arbitral tribunal in accordance with subsection (2).
(2) The arbitral tribunal issues an order declaring the termination of the arbitral proceedings if:
1. the claimant:
a) fails to submit the statement of claim pursuant to section 1046 (1) and no case defined in section 1048 (4) is given; or
b) withdraws the claim, unless the respondent raises an opposition thereto and the arbitral tribunal recognises a legitimate interest on the part of the respondent in conclusively resolving the dispute; or
2. the parties agree on the termination of the proceedings; or
3. the parties no longer pursue the arbitral proceedings in spite of the arbitral tribunal having called on them to do so, or the continuation of the proceedings has become impossible for other reasons.
(3) Subject to the provisions of section 1057 (2) and of sections 1058, 1059 (4), the mandate of the arbitral tribunal ends upon the termination of the arbitral proceedings.