Newsletter-21

203 ARBITRATION LAW material portion, settle during the course of arbitral proceedings. Hence, the possibility of settlement even after arbitration commences is worth to invest in, which brings the role of the arbitrator in such settlement into question. In fact, this possibility is seen among the op- portunities present in arbitration proceedings in the face of a proactive tribunal 3 . This article aims to introduce and briefly discuss settlement in international arbitration and how arbitrators are involved. Settlements in International Arbitration There may be many reasons why parties to a dispute would prefer to settle instead of resolving the dispute through continuing litigation, including arbitration. These reasons may include the benefit to resolve a conflict before investing and, thus, by sparing costs and time, avoid- ing a possible inability to collect or implement an award, duration of enforcement, continuity of business, and so forth. The parties may choose to not go to arbitration, and resolve their disputes in advance through settling, or through the arbitration proceedings, they may en- gage in negotiations to settle. In the practice of international arbitration, parties may settle prior to the first hearing, during, or after an evidentiary hearing. If the proceedings are bifurcated, a settlement window may be foreseen between two stages of proceedings. The arbitral tribunal, if involved in the settlement process, may declare preliminary views and non- binding findings, offer suggested terms of settlement, or chair settle- ment meetings 4 . There are certain procedures which provide a hybrid mechanism including both of mediation and arbitration, whereby, if mediation is unsuccessful, the arbitration will continue; or where an award that is written and sealed and which is yet to be disclosed, will not be disclosed or become binding, provided that the parties reach a solution through mediation 5 . 3 Hilmar Raeschke–Kessler , The Arbitrator As Settlement Facilitator , Arbitration International, Vol. 21, No. 4, http://arbitragem.pt/conselhos/deontologia/doutrina/ internacional/the-arbitrator-as-settlement-facilitator--hilmar-raeschke-kessler.pdf (accessed on 26 February 2016), p. 523. 4 See CEDR Rules Art. 5. 5 See Panoy / Petit , op. cit. for detailed analysis on hybrid procedures.