The commencement of the administration of this Part shall in no way preclude the parties from adjusting the dispute on their own at any time before or during an arbitration hearing. If a settlement has been reached between the parties, the arbitrator, upon joint request of the parties, may set forth the terms of the settlement in the form of an award.
N.Y. Comp. Codes R. & Regs. Tit. 12 § 263.93