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This chapter focuses on settlement agreements and the role of the arbitral tribunal. During the course of an arbitral proceeding, the parties may reach a settlement and, in this case, it is not the arbitrators who render a decision terminating the conflict, but the parties themselves resolve it. Although the parties have clear protagonism in creating a consensual solution, this does not mean that the arbitrators have no role in facilitating settlement. In fact, many national arbitration laws and soft law instruments interpret the arbitrators' mandate as to encompass some degree of involvement in settlement efforts — and Brazil is no exception. The Brazilian Arbitration Law (BAL) contains express provision in its article 21, requesting arbitrators to attempt to reconcile the parties. Also, arbitrators may render a consent award if the parties reach a settlement agreement. However, the wording of the legal provisions of the BAL does not clarify the extent of the arbitrators' role both in the attempt of conciliation of the parties and in the review of the settlement when to render an award by consent. The chapter then examines whether it is mandatory for arbitrators to attempt to reconcile the parties and whether there are limits to what settlement techniques can be applied by arbitrators. It also differentiates between a consent award and a termination order.