This is one of the official workers' compensation forms for the state of Illinois
Illinois Arbitration Information Sheet for Workers' Compensation
State:
Illinois
Control #:
IL-IC41-WC
Format:
Word;
PDF;
Rich Text
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Description
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FAQ
Arbitration agreements are a common element found in most contracts.While monetary damages are most often awarded, arbitrators frequently award equitable and other forms of relief, including specific performance, injunctive relief, consequential damages, liquidated damages, attorneys' fees and punitive damages.
Arbitration is used as a private form of settlement between parties by appointing individuals as arbitrators is considered a useful means of prompt and fair settlement of disputes that may result from commercial transactions in the field of goods and services.
Mediators can make a good living, but are not highly paid compared to other legal professionals. Additionally, they're often self-employed, so income can wax and wane.
Once the arbitrator has paid or is required to pay an expense, the parties must pay this amount and it is non-refundable. Other costs of arbitration may include hearing room rental fees, abeyance fees, and the costs a party will need to spend to prepare and present their case in arbitration.
The median annual wage for arbitrators, mediators, and conciliators was $66,130 in May 2020. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $38,330, and the highest 10 percent earned more than $131,210.