2023 Illinois Compiled Statutes › Chapter 710 - ALTERNATIVE DISPUTE RESOLUTION › 710 ILCS 30/ - International Commercial Arbitration Act. › Article 25 - Making Of Award And Termination Of Proceedings

(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.)