Common use of Direct Negotiation Clause in Contracts

Direct Negotiation. The Parties encourage the prompt and equitable settlement of all controversies or claims (a “Dispute”) between the Parties arising out of this Agreement or courses of dealing related to this Agreement, including any claim based on or arising from an alleged tort. At any time, any Party can give the other Party written notice that it desires to settle a Dispute. Within fifteen (15) days of delivery of such notice, the Parties shall cause vice presidents of the Parties having authority to resolve such Dispute to meet to resolve the Dispute. If the Parties are unable to settle the Dispute within thirty (30) days after the delivery of notice of the Dispute from one Party to the other (the “Negotiation Period”), the Parties shall submit the dispute to mediation in accordance with Subsection 23(b).