Common use of Arbitration as the Exclusive Remedy Clause in Contracts

Arbitration as the Exclusive Remedy. A. The parties agree that all disputes relating to or arising out of this Agreement and/or the Participant’s participation in the Academy shall be presented to the American Arbitration Association ("AAA") in accordance with the rules of the AAA before a retired state or federal court judge for arbitration pursuant to the commercial rules of that association as the sole and exclusive remedy for resolving such disputes. The parties agree that (a) they shall be entitled to conduct such reasonable discovery as the arbitrator may allow; (b) the arbitrator shall be entitled to award the full range of relief as would be available to the prevailing party in a court of law; and (c) the decision of the arbitrator shall be final and binding on each of the parties. The prevailing party in any arbitration under this Agreement shall be entitled to recover its attorneys' fees and costs from the other party. The parties agree that any such arbitration shall take place in Chicago, Illinois.