Binding Decision and Award Sample Clauses
The 'Binding Decision and Award' clause establishes that the outcome of a dispute resolution process, such as arbitration, is final and legally enforceable for all parties involved. In practice, this means that once a decision or award is issued by the designated authority, both parties must comply with its terms and cannot seek further recourse through litigation or appeal, except in very limited circumstances. This clause ensures certainty and finality in resolving disputes, preventing prolonged legal battles and providing closure to the parties.
Binding Decision and Award. Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration proceeding. The parties hereby waive to the extent permitted by law any rights to appeal or to review of such award by any court or tribunal. The parties agree that the arbitral award may be enforced against the parties to the arbitration proceeding or their assets wherever they may be found and that a judgment upon the arbitral, and that the arbitrator(s) may award attorneys' fees and costs to the prevailing party.
Binding Decision and Award. Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration proceeding. The parties to this Agreement hereby waive to the extent permitted by law any rights to appeal or to review of such award by any court or tribunal. The parties to this Agreement agree that any party to this Agreement may need to obtain interim injunctive relief from a court. Therefore, a request for interim injunctive relief by a party to a court, whether before, during or after the arbitration proceedings have been initiated in accordance with the ICC Rules, shall not be deemed incompatible with, or a waiver of, any provisions of this section. In addition to the authority conferred on the arbitration tribunal by the ICC Rules, the arbitration tribunal shall have the authority to make such orders for interim relief, including injunctive relief, as it may be deem just and equitable. The parties to this Agreement agree that the arbitral award may be enforced against the parties to the arbitration proceeding or their assets wherever they may be found and that a judgment upon the arbitral award may be entered in any court having jurisdiction thereof.