Common use of Findings and Conclusions Clause in Contracts

Findings and Conclusions. There shall be a record of the proceedings at each arbitration. Each award rendered by an Arbitrator shall include written findings of fact and conclusions of law, and shall be final and binding on the Parties. Judgment on each arbitration award may be entered in any court of competent jurisdiction. Any monetary award rendered by an Arbitrator shall be limited to direct and actually incurred damages, and shall exclude losses and damages of the types set forth in Section 5.4(b). No Arbitrator shall not have the power to reform, amend or make any material change to this Agreement or any other agreement between the Parties except in accordance with Section 15.3. Any action to confirm, modify, correct or vacate an arbitral award rendered under the terms of this Agreement shall be brought exclusively in the United States District Court for the Northern District of Illinois in Chicago, Illinois, or if it is determined that the action cannot be brought in a United States District Court, such relief shall be sought in the state courts of the State of Illinois, Cook County, in Chicago, Illinois. For purposes of this Section 13.12, the Parties consent to the personal jurisdiction of the United States District Court for the Northern District of Illinois and the state courts of the State of Illinois, Cook County, as appropriate.