Common use of Amicable Agreement Clause in Contracts

Amicable Agreement. Should there be any disagreement, dissension, complaint or dispute (a “Dispute”) between the Parties regarding the validity of, compliance with, performance or termination of the Protocol, the Parties shall, before resorting to the courts and tribunals, attempt to resolve it amicably in accordance with the following procedure: (a) Either of the Parties may provide formal notice to the other of the issues to which the Dispute relates (the “Dispute Notice”). (b) The Parties shall have a duty to negotiate in good faith for a period of 15 business days from receipt of the Dispute Notice, to attempt to reach a mutually acceptable agreement. To this end, each of the Parties shall have a duty to draw up and submit to the other, within the 10 business days of receipt of the Dispute Notice, a report which (i) identifies the Dispute, (ii) explains its position with regard thereto, and (iii) includes one or more proposals for its resolution. (c) The Parties shall make their best efforts to reach agreement on (i) the substance of the Dispute and, as the case may be, (ii) on the procedure for its extrajudicial resolution.