3Award Clause Samples
The 'Award' clause defines the process and requirements for the issuance of a final decision or judgment by an arbitrator or tribunal in a dispute resolution context. Typically, this clause outlines how and when the award will be delivered, the form it must take (such as being in writing and signed), and may specify whether reasons must be provided. It may also address the binding nature of the award and any time limits for its issuance. The core function of this clause is to ensure that the outcome of arbitration is clearly documented, enforceable, and provides closure to the dispute, thereby resolving uncertainty between the parties.
3Award. Except for a partial taking that does not result in a termination of this Lease, Landlord and Tenant shall share the award in any proceeding with respect to any taking provided for in this Article 11 as follows: Landlord shall receive the entire award, minus (if no Default shall have occurred and be continuing) Tenant’s Proportional Share of Improvements, which shall be paid to Tenant. “Tenant’s Proportional Share of Improvements” means an amount equal to the total cost of the Improvements multiplied by a fraction, the numerator of which is the number of months remaining in the Lease Term and the denominator of which is the total number of months in the entire Lease Term. In the case of a partial taking which does not result in a termination of this Lease, and, provided no Default shall have occurred and be continuing, such award shall be paid in the same manner as insurance proceeds are paid pursuant to Section 10.3 for the cost of restoring the Premises pursuant to Section 11.2 hereof. Nothing herein contained shall prohibit Tenant from making a separate claim, to the extent permitted by Applicable Laws, for the value of Tenant’s relocation expenses, Trade Fixtures and Personal Property.
3Award. Irrespective of the form in which recovery may be had by law, all rights to seek reimbursement for damages or compensation arising from fire or other casualty or any taking by eminent domain or condemnation shall belong to Landlord in all cases. Tenant hereby grants to Landlord all of Tenant’s rights to such claims for damages and compensation and covenants to deliver such further assignments thereof as Landlord may from time to time request. Nothing contained herein shall be construed to prevent Tenant from prosecuting in any condemnation proceedings a claim for relocation expenses, provided that such action shall not affect the amount of compensation otherwise recoverable by Landlord from the taking authority.
3Award. The award shall be made within [***] of the filing of the notice of arbitration, and the arbitrator(s) shall agree to comply with this schedule before accepting appointment. However, this time limit may be extended by agreement of the Parties or by the arbitrator(s) if necessary. Judgment on the award rendered by the arbitrator(s) may be enforced in any court having competent jurisdiction thereof.
3Award. If the Premises are wholly or partially Condemned, Landlord shall be entitled to the entire award paid for such condemnation, and Tenant waives any claim to any part of the award from Landlord or the condemning authority; provided, however, Tenant shall have the right to recover from the condemning authority such compensation as may be separately awarded to Tenant in connection with costs in removing Tenant’s merchandise, furniture, fixtures, leasehold improvements and equipment to a new location, No condemnation of any kind shall be construed to constitute an actual or constructive eviction of Tenant or a breach of any express or implied covenant of quiet enjoyment, Landlord and Tenant hereby waive the provisions of any statutes or court decisions which provide a party to a lease with a right to abatement of rent or termination of the lease or establish the manner of allocation of the condemnation award when leased property is condemned or taken and agree that such event shall be exclusively governed by the terms of this Lease.