IL HB5888

Amends Section 8 of the Uniform Arbitration Act concerning arbitration awards and procedures.

Establishes that arbitrators shall decide disputes according to rules of law chosen by the parties; any designation of a jurisdiction's law refers to its substantive law, not conflict of law rules.

If parties do not designate applicable law, arbitrators shall apply law as determined by conflict of laws rules they consider applicable.

Requires arbitrators in all cases to decide according to contract terms and account for trade usages applicable to the transaction.

Excludes arbitrations that are part of or pursuant to collective bargaining agreements from the new rules on applicable law.