A conciliation agreement has the same force and effect as a final arbitration award if the agreement:

1. (1) settles the dispute;
2. (2) is in writing; and
3. (3) is signed by each conciliator and each party or a representative of each party.

Added by Acts 1997, 75th Leg., ch. 165, Sec. 5.02, eff. Sept. 1, 1997.