An arbitral award acquires definitive finality and becomes unimpeachable upon expiry of the time limit for bringing a challenge under Article 828 of the Code of Civil Procedure, even in the absence of formal exequatur proceedings pursuant to Article 825 of the Code of Civil Procedure.
The conclusion of a settlement that presupposes the validity of the arbitral award, entered into within the time limit for challenging the award, with express or implied waiver of the right to challenge, confers upon the award a character of definitiveness and finality equivalent to the effects of res judicata.
A settlement entered into in lieu of challenging the arbitral award, which expressly acknowledges the validity of the award and merely redetermines the quantum of the condemnation, must be characterised as a measure connected to the challenge phase and may constitute the contractual conditions relating to the definitive outcome of the arbitral proceedings.