Common use of Arbitration Awards Clause in Contracts

Arbitration Awards. In the event of an arbitration, the arbitrator may make only the following awards: (a) order Seller to perform repairs in accordance with a set of specific instructions; (b) award an amount of money to Buyer; or (c) award an amount of money to Seller. In the event the Buyer is awarded an amount of money, the arbitration award shall further require the Buyer to release Seller from and indemnify Seller against any future claims or losses based on negligent construction, design defect, or breach of warranty relating to or arising out of this Contract, including any claims by subsequent purchasers of the Property, and Buyer shall be required to disclose the dispute and its resolution in any future sale of the Property. Attorney fees, expert fees and costs (“Fees and Costs”) shall be awarded to the prevailing Party. The arbitrator(s) shall determine which Party is the “prevailing” Party as well as the amount of Fees and Costs to be paid to such prevailing Party. Any award hereunder shall be construed in strict accordance with applicable case law of the state wherein the Dwelling Unit is located.