Parties to a drilling contract dispute entered into a settlement agreement on the eve of arbitration. One payment was made under the settlement agreement but no more. Upon default the settlement agreement required the tribunal to issue a final award in a liquidated amount (without credit for any prior payments). The tribunal determined that it had jurisdiction to issue the final award required by the settlement agreement, that the parties did not have to mediate pursuant to the settlement agreement, and that no credit for prior payments were required. The tribunal issued the final award in the form required by the settlement agreement.
The fifth circuit affirmed the district court's decision to defer to the tribunal and uphold the award.
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