(a) An arbitration tribunal may:
(1) encourage settlement of the dispute; and
(2) with the agreement of the parties, use mediation, conciliation, or another procedure at any time during the arbitration to encourage settlement.
(b) The arbitration tribunal shall terminate the arbitration if the parties settle the dispute.
(c) If requested by the parties and not objected to by the arbitration tribunal, the tribunal shall record the settlement in the form of an award on agreed terms.