Parties to an arbitration may explore settlement options to their dispute prior to the issuance of an arbitral award. If the parties reach a settlement [prior to the conclusion of the arbitration], the arbitrator shall record the terms of settlement in a settlement agreement.
A settlement agreement under the preceding paragraph has the same force and effect as that of an arbitral award. However, the terms of the settlement agreement may be enforced only after the court has granted an application by a party for enforcement and issued an enforcement order.

In the absence of any arbitration agreement [to the contrary], the parties may choose to submit their dispute to mediation and jointly appoint an arbitrator to conduct the mediation. Upon the successful conclusion of the mediation between the parties, the arbitrator shall record the results of the mediation in a mediated agreement.
A mediated agreement under the preceding paragraph has the same force and effect as that of an arbitral settlement agreement. However, the terms of the mediated agreement may be enforced only after the court has granted an application for enforcement by a party and issued an enforcement order.

The provisions of Article 38 and Articles 40 to 43 shall apply mutatis mutandis to settlement and mediation proceedings hereunder.