52ZWAgreed early termination of arbitration

52ZW Agreed early termination of arbitration

(1) This section applies if:

(a) the bargaining parties agree that the arbitration should terminate; and

(b) the panel did not make a determination in accordance with subsection 52ZX(1) before the agreement was made; and

(c) no information was given by a bargaining party in order to comply with a request made under subsection 52ZT(1) before the agreement was made.

(2) The parties must notify the Chair of the agreement as soon as practicable after the day on which the agreement is made.

(3) The arbitration terminates in accordance with that agreement, but no earlier than the day on which parties notify the Chair of the agreement in accordance with subsection (2).

(4) However, if the parties fail to comply with subsection (2):

(a) subsection (3) does not apply; and

(b) the agreement does not affect the validity of the arbitration or any aspect of the arbitration.