The arbitral proceedings are terminated by the final arbitral award or by an order of the arbitral tribunal in accordance with subsection (2) of this section. The award shall be final upon the expiration of the applicable periods in ORS 36.518 (Correction of errors in award).
The arbitral tribunal shall issue an order for the termination of the arbitral proceedings when:
The claimant withdraws the claim, unless the respondent objects thereto and the arbitral tribunal recognizes a legitimate interest on the part of the respondent in obtaining a final settlement of the dispute;
The parties agree on the termination of the proceedings; or
The arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible.