Common use of Powers of Arbitrators Clause in Contracts

Powers of Arbitrators. The arbitrator is not empowered to award damages in excess of compensatory damages (including liquidated damages specified herein) and each party expressly waives and foregoes any right to punitive, exemplary or similar damages unless a statute requires that compensatory damages be increased in a specified manner. All costs of the arbitration shall be paid equally by the parties, unless the award shall specify otherwise. Each party shall be responsible for its own expenses, including attorney’s fees. Both parties shall be afforded adequate opportunity to present information in support of its position on the dispute being arbitrated. The arbitrator may also request additional information from the parties.