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My question involves court procedures for the state of: IL

Are there benefits to presenting a Motion for Summary Judgment?
Certainly. If the motion is granted, it resolves those issues in the case (and may resolve the entire case) eliminating the need to have a trial on those issues.

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As I (non-lawyer) understand. Side Presenting the Motion for Summary Judgment is say here's the facts, there isn't any real "matter of fact" disagreement, lets not waste time going to a full blown trial. Side presenting the Motion lays out the case & facts in a written way very detailed.

The opposing side will have a motion to Dismiss because they think there are factual differences and try to convence the judge.
The other party will not do a motion to dismiss the motion for summary judgement. The other party will either (1) agree that there are no material facts in dispute but make a cross motion for summary judgment arguing that the law favors him rather than the other side or (2) oppose the summary judgment and ask the judge to deny it, asserting that one or more material facts are in dispute and thus a trial is needed to resolve the dispute on those facts.

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If The Motion for Summary Judgment fails - the case goes to a full blown trial (with discovery, dipositions, etc.) is this correct??
Yes, unless the parties settle it before trial, of course.

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Is the party submitting the Motion For Summary Judgment pentalized by the court (judge) if it fails?
Not usually. Only if the motion is clearly frivolous or otherwise violates the rules would the party seeking summary judgment face some kind of sanction by the judge. Motions for summary judgement are very, very common.