710 ILCS 30/ International Commercial Arbitration Act.

(710 ILCS 30/Art. 25 heading) ARTICLE 25. MAKING OF AWARD AND TERMINATION OF PROCEEDINGS

(710 ILCS 30/25-5)

Sec. 25-5. Rules applicable to substance of dispute.

(a) The arbitral tribunal 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 country or jurisdiction shall be construed, unless otherwise expressed, as directly referring to the substantive law of that country or jurisdiction and not to its conflict of laws rules.

(b) If the parties do not make the designation described in subsection (a) of this Section, the arbitral tribunal shall apply the law as determined by the conflict of laws rules that it considers applicable.

(c) The arbitral tribunal shall decide according to what is just and good ("ex aequo et bono") or according to equity and good conscience (as "amiable compositeur") rather than by the strict rule of law only if the parties have expressly authorized it to do so.

(d) In all cases, the arbitral tribunal shall decide in accordance with the terms of the contract and shall take into account the usages of the trade applicable to the transaction.

(Source: P.A. 90-631, eff. 7-24-98.)

(710 ILCS 30/25-10)

Sec. 25-10. Decision making by panel of arbitrators. In arbitral proceedings with more than one arbitrator, any decision of the arbitral tribunal shall be made, unless otherwise agreed by the parties, by a majority of all its members. However, questions of procedure may be decided by a presiding arbitrator, if so authorized by the parties or all members of the arbitral tribunal.

(Source: P.A. 90-631, eff. 7-24-98.)

(710 ILCS 30/25-15)

Sec. 25-15. Settlement.

(a) With the agreement of the parties, the arbitral tribunal may use mediation, conciliation, or other dispute resolution procedures at any time during the arbitral proceedings to encourage settlement.

(b) If, during arbitral proceedings, the parties settle the dispute, the arbitral tribunal shall terminate the proceedings and, if requested by the parties and not objected to by the arbitral tribunal, record the settlement in the form of an arbitral award on agreed terms.

(c) An award on agreed terms shall be made in accordance with the provisions of Section 25-20 of this Act and shall state that it is an award. The award has the same status and effect as any other award on the merits of the case.

(Source: P.A. 90-631, eff. 7-24-98.)

(710 ILCS 30/25-20)

Sec. 25-20. Form and content of award.

(a) The award shall be made in writing and shall be signed by the arbitrator or arbitrators.

(b) In arbitral proceedings with more than one arbitrator, the signatures of the majority of all members of the arbitral tribunal shall suffice, provided that the reason for any omitted signature is stated.

(c) The award shall state the reasons upon which it is based, unless the parties have agreed that no reasons are to be given or the award is an award on agreed terms under Section 25-15 of this Act.

(d) The award shall state its date and the place of arbitration as determined in accordance with subsection (a) of Section 20-15 of this Act. The award shall be deemed to have been made at that place.

(e) After the award is made, a copy signed by the arbitrators in accordance with subsection (a) of this Section shall be delivered to each party.

(f) The arbitral tribunal may, at any time during the proceedings, make an interim award on any matter with respect to which it may make a final award. The interim award may be enforced in the same manner as a final award.

(g) Unless otherwise agreed by the parties, the arbitral tribunal may award interest.

(h) Unless otherwise agreed by the parties, the costs of an arbitration are at the discretion of the arbitral tribunal.

(i) In making an order for costs, the arbitral tribunal may include as costs any of the following:

(1) the fees and expenses of the arbitrators and expert witnesses;

(2) legal fees and expenses;

(3) any administration fees of the institution supervising the arbitration; and

(4) any other expenses incurred in connection with the arbitral proceedings.

(j) In making an order for costs, the arbitral tribunal may specify:

(1) the party entitled to costs;

(2) the party who shall pay the costs;

(3) the amount of costs or method of determining that amount; and

(4) the manner in which the costs are to be paid.

(Source: P.A. 90-631, eff. 7-24-98.)

(710 ILCS 30/25-25)

Sec. 25-25. Termination of proceedings.

(a) The arbitral proceedings are terminated by the final award or by an order of the arbitral tribunal in accordance with subsection (b) of this Section.

(b) The arbitral tribunal shall issue an order for the termination of the arbitral proceedings when any one of the following events occurs:

(1) The claimant withdraws its claim, unless the respondent objects thereto and the arbitral tribunal recognizes a legitimate interest on his or her part in obtaining a final settlement of the dispute.

(2) The parties agree on the termination of the proceedings.

(3) The arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible.

(c) Subject to Section 25-30 of this Act, the mandate of the arbitral tribunal terminates with the termination of the arbitral proceedings.

(Source: P.A. 90-631, eff. 7-24-98.)

(710 ILCS 30/25-30)

Sec. 25-30. Correction or interpretation of award; additional award.

(a) Within 30 days of receipt of the award, unless the parties agree to another period of time:

(1) A party, with notice to the other party, may request the arbitral tribunal to correct in the award any error in computation, any clerical or typographical errors, or any errors of similar nature.

(2) If so agreed by the parties, a party, with notice to the other party, may request the arbitral tribunal to give an interpretation of a specific point or part of the award. If the arbitral tribunal considers the request to be justified, it shall make the correction or give the interpretation within 30 days of receipt of the request. The interpretation shall form part of the award.

(b) The arbitral tribunal may correct any error of the type referred to in subdivision (1) of subsection (a) of this Section on its own initiative within 30 days of the day of the award.

(c) Unless otherwise agreed to by the parties, a party, with notice to the other party, may, within 30 days of receipt of the award, request the arbitral tribunal to make an additional award as to claims presented in the arbitral proceedings but omitted from the award. If the arbitral tribunal considers the request to be justified, it shall make the additional award within 60 days after the date of receipt of the request.

(d) The arbitral tribunal may extend, if necessary, the period of time within which it shall make a correction, interpretation, or an additional award under subsections (a) or (c) of this Section.

(e) The provisions of Section 25-20 of this Act shall apply to a correction or interpretation of the award or to an additional award made under this Section.

(Source: P.A. 90-631, eff. 7-24-98.)