ARBITRATION AGREEMENT
BY PARTICIPATING IN THIS TRANSACTION, THE BUYER AGREES TO THE FOLLOWING TERMS REGARDING THE RESOLUTION OF DISPUTES:
BINDING ARBITRATION: ANY AND ALL DISPUTES, CLAIMS, OR CONTROVERSIES ARISING OUT OF OR RELATING TO THIS TRANSACTION, INCLUDING THE BREACH, TERMINATION, ENFORCEMENT, INTERPRETATION, OR VALIDITY THEREOF, SHALL BE RESOLVED THROUGH BINDING ARBITRATION ADMINISTERED BY AURORA TECHNICAL NETWORK LLC IN ACCORDANCE WITH ITS RULES AND PROCEDURES.
ARBITRATOR SELECTION: THE ARBITRATOR SHALL BE SELECTED SOLELY BY THE SELLER. THE SELLER RESERVES THE RIGHT TO CHOOSE AN ARBITRATOR FROM A LIST OF QUALIFIED CANDIDATES PROVIDED BY AURORA TECHNICAL NETWORK LLC.
LOCATION AND VENUE: THE ARBITRATION SHALL TAKE PLACE IN THE STATE OF ILLINOIS, OR ANOTHER LOCATION MUTUALLY AGREED UPON BY THE PARTIES. IF NO AGREEMENT IS REACHED, THE ARBITRATION WILL OCCUR IN THE STATE OF ILLINOIS.
COSTS AND FEES: THE BUYER AGREES TO BEAR ALL COSTS AND FEES ASSOCIATED WITH THE ARBITRATION, INCLUDING, BUT NOT LIMITED TO, THE ARBITRATOR'S FEES, ADMINISTRATIVE FEES, AND ANY OTHER EXPENSES RELATED TO THE ARBITRATION PROCESS. THE SELLER SHALL NOT BE RESPONSIBLE FOR ANY COSTS OR FEES INCURRED BY THE BUYER.
LIMITATION ON REMEDIES: THE BUYER AGREES THAT THE ARBITRATION SHALL BE CONDUCTED ON AN INDIVIDUAL BASIS ONLY AND NOT IN A CLASS, COLLECTIVE, CONSOLIDATED, OR REPRESENTATIVE ACTION. THE ARBITRATOR IS NOT AUTHORIZED TO AWARD PUNITIVE OR EXEMPLARY DAMAGES AGAINST THE SELLER.
GOVERNING LAW: THIS ARBITRATION AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS AND THE FEDERAL ARBITRATION ACT.
ACCEPTANCE: BY PROCEEDING WITH THIS TRANSACTION, THE BUYER ACKNOWLEDGES AND AGREES TO THE TERMS AND CONDITIONS SET FORTH IN THIS ARBITRATION AGREEMENT. THIS AGREEMENT IS A CONDITION OF THE TRANSACTION AND IS NON-NEGOTIABLE.