Common use of THE PARTIES UNDERSTAND AND AGREE Clause in Contracts

THE PARTIES UNDERSTAND AND AGREE. 24.5.1. EACH OF THEM IS WAIVING RIGHTS TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO A JURY TRIAL; 24.5.2. PRE-ARBITRATION DISCOVERY IN ARBITRATION PROCEEDINGS IS GENERALLY MORE LIMITED THAN AND DIFFERENT FROM COURT PROCEEDINGS; 24.5.3. THE ARBITRATORS' AWARD IS NOT REQUIRED TO INCLUDE FACTUAL FINDINGS OR LEGAL REASONING; 24.5.4. EITHER PARTY'S RIGHT OF APPEAL OR TO SEEK MODIFICATION OF RULNGS BY THE ARBITRATORS, IS STRICTLY LIMITED; 24.5.5. VENUE FOR MEDIATION AND/OR ARBITRATION UNDER THIS SECTION SHALL BE IN XXX XXXX XX XXXXXXX, XXXXX XX XXXXX XXXXXXXX.