Common use of Effect of Arbitration Clause in Contracts

Effect of Arbitration. The decision of a majority of the arbitrators shall be final and binding on the Parties, may be enforced by any court of competent jurisdiction and cannot be the subject of any appeal. The arbitrators shall have the authority to award punitive or special damages (including any lost profits) and awards shall be consistent with the limitations on liability and other terms and conditions set out in this Agreement, as well as any court decision permitted by Section 8.10. In the absence of a contrary ruling by the arbitrators, each Party shall pay its own costs and fees in connection with the arbitration.

Effect of Arbitration. The decision of a majority of the arbitrators shall be final and binding on the Parties, may be enforced by any court of competent jurisdiction and cannot be the subject of any appeal. The arbitrators shall have the authority to award punitive or special damages (including any lost profits) and awards shall be consistent with the limitations on liability and other terms and conditions set out in this Agreement, as well as any court decision permitted by Section 8.109. In the absence of a contrary ruling by the arbitrators, each Party shall pay its own costs and fees in connection with the arbitration.