This section allows arbitral tribunals to encourage parties in arbitration to settle their dispute using mediation, conciliation or other procedure during the arbitration process. It stipulates that if the parties do reach an agreement, it will be recorded, and have the same status, as an arbitral award.
California Code of Civil Procedure Section 1297.301-1297.304: Making of Arbitral Award and Termination of Proceedings; Settlement
Legislative Counsel of California. Mar. 7, 1988https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=CCP&division=&title=9.3.&part=3.&chapter=6.&article=3.