THE ARBITRATION RULES OF CHICAGO INTERNATIONAL
DISPUTE RESOLUTION ASSOCIATION (CIDRA)

ARTICLE 32 - APPLICABLE LAW AND REMEDIES
1) The arbitral tribunal shall apply the law 
designated by the parties as applicable to 
the substance of the dispute. Failing such 
designation by the parties, the arbitral 
tribunal shall apply the law determined by 
the conflict of laws rules which it considers 
applicable. 

2) The arbitral tribunal shall decide as amiable 
compositeur or ex aequo et bono only if the 
parties have expressly authorized the arbitral 
tribunal to do so and if the law applicable 
to the arbitral procedure permits such arbitration. 

3) In all cases, the arbitral tribunal shall decide 
in accordance with the terms of the contract and 
shall take into account the usages of the trade 
applicable to the transaction. 

4) Unless the parties agree otherwise, the parties 
expressly waive and forego any right to punitive, 
exemplary or similar damages unless a statute 
requires that compensatory damages be increased 
in a specified manner. This provision shall not 
apply to any award of arbitration costs to a 
party to compensate for dilatory or bad faith 
conduct in the arbitration.