(710 ILCS 5/8)
(from Ch. 10, par. 108)
(a) The award shall be in writing and signed by the arbitrators joining
in the award. The arbitrators shall deliver a copy to each party personally
or by registered mail, or as provided in the agreement.
(b) An award shall be made within the time fixed therefor by the
agreement or, if not so fixed, within such time as the court orders on
application of a party. The parties may extend the time in writing either
before or after the expiration thereof. A party waives the objection that
an award was not made within the time required unless he notifies the
arbitrators of his objection prior to the delivery of the award to him.
(c) Rules applicable to substance of dispute.
(i) The arbitrators shall decide the dispute in
accordance with any rules of law that are chosen by the parties as applicable to the substance of the dispute. Any designation of the law or legal system of a given jurisdiction shall be construed, unless otherwise expressed, as directly referring to the substantive law of that jurisdiction and not to its conflict of law rules.
(ii) If the parties do not make a designation
described in subsection (i) of this Section, the arbitrators shall apply the law as determined by the conflict of laws rules that they consider applicable.
(iii) In all cases, the arbitrators shall decide in
accordance with the terms of the contract and shall take into account the usages of the trade applicable to the transaction.
(iv) Nothing in this subsection (c) shall apply to
an arbitration which is part of or pursuant to a collective bargaining agreement.
(Source: P.A. 96-1476, eff. 1-1-11.)