§ 25-20 — Form and content of award

(a) The award shall be made in writing and shall be signed by the arbitrator or arbitrators. (b) In arbitral proceedings with more than one arbitrator, the signatures of the majority of all members of the arbitral tribunal shall suffice, provided that the reason for any omitted signature is stated. (c) The award shall state the reasons upon which it is based, unless the parties have agreed that no reasons are to be given or the award is an award on agreed terms under Section 25-15 of this Act. (d) The award shall state its date and the place of arbitration as determined in accordance with subsection (a) of Section 20-15 of this Act. The award shall be deemed to have been made at that place. (e) After the award is made, a copy signed by the arbitrators in accordance with subsection (a) of this Section shall be delivered to each party. (f) The arbitral tribunal may, at any time during the proceedings, make an interim award on any matter with respect to which it may make a final award. The interim award may be enforced in the same manner as a final award. (g) Unless otherwise agreed by the parties, the arbitral tribunal may award interest. (h) Unless otherwise agreed by the parties, the costs of an arbitration are at the discretion of the arbitral tribunal. (i) In making an order for costs, the arbitral tribunal may include as costs any of the following: (1) the fees and expenses of the arbitrators and expert witnesses; (2) legal fees and expenses; (3) any administration fees of the institution supervising the arbitration; and (4) any other expenses incurred in connection with the arbitral proceedings. (j) In making an order for costs, the arbitral tribunal may specify: (1) the party entitled to costs; (2) the party who shall pay the costs; (3) the amount of costs or method of determining that amount; and (4) the manner in which the costs are to be paid.

Legislative History

(Source: P.A. 90-631, eff. 7-24-98.)