Common use of Arbitral Awards Clause in Contracts

Arbitral Awards. The arbitral award shall be in writing in English, shall not be contrary to the governing law of this Agreement, shall not award damages excluded by Section 11, shall provide reasons for the award, and shall be final and binding upon the Parties hereto. The losing Party shall pay all reasonable out-of-pocket expenses (including, without limitation, reasonable attorneys’ fees) incurred by the prevailing Party, as determined by the arbitrators, in connection with any Dispute unless the arbitrators direct otherwise. Each Party waives any right it may have by statute, treaty or law to contest the jurisdiction or venue of any court or service made pursuant to Section 14.7 hereof in an action or proceeding to enforce an arbitral award, and each Party agrees that the validity of arbitral awards shall only be challenged in accordance with Article V of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards.