(2) The arbitral tribunal shall issue an order for the termination of the arbitral proceedings when:
(a) 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;
(b) The parties agree on the termination of the proceedings; or
(c) The arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible.
(3) Subject to ORS 36.518 and 36.520 (4), the mandate of the arbitral tribunal terminates with the termination of the arbitral proceeding. [1991 c.405 §35; 1993 c.244 §11]