Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 715/15

(205 ILCS 715/15)

Sec. 15.

Arbitration of disputes.

In the case of a dispute between the
independent data processing
servicers regarding any terms or conditions
of an interface agreement, or in the event that a dispute regarding proposed
terms and conditions results in the failure of
the independent data processing servicers to enter into an interface agreement
as required by this Act, the parties shall be
deemed to have agreed to the appointment of an
arbitrator for a binding resolution of the dispute consistent with the
provisions of the Uniform Arbitration Act unless the parties agree to some
other process for binding arbitration or unless the aggrieved party seeks court
action.
Any decision by the arbitrator in connection with any arbitration
shall be determined only after an
opportunity for a hearing.
Anything to the contrary in this
Act notwithstanding, any right of arbitration
granted under this Act is subject to the right of either party to seek court
action.

(Source: P.A. 91-742, eff. 6-2-00.)