Disposition Dispute Sample Clauses
A Disposition Dispute clause outlines the process for resolving disagreements regarding the handling, sale, or transfer of assets or property under a contract. Typically, this clause specifies the steps parties must take if they cannot agree on how to dispose of certain items, such as engaging in negotiation, mediation, or appointing a neutral third party to make a binding decision. Its core function is to provide a clear mechanism for resolving conflicts over asset disposition, thereby minimizing delays and reducing the risk of litigation.
Disposition Dispute. If either the Buyer, a Member or B▇▇▇▇▇ believes that the Escrow Property should not be released by the Escrow Agent pursuant to a notice given under this Escrow Agreement, then such party shall deliver written notice thereof to the Escrow Agent prior to such release (with the failure to timely deliver such notice waiving any right to challenge the release of the Escrow Property). Upon receipt of such notice, the Escrow Agent may take one of the following actions, in its sole and absolute discretion: (i) deposit the Escrow Property with the clerk of a court of competent jurisdiction, provided, that upon the deposit by the Escrow Agent of the Escrow Property with such clerk, the Escrow Agent shall be relieved of all further obligations and released from all liability hereunder; (ii) file a suit in interpleader in such court and obtain an order from such court requiring all parties involved to litigate in such court their respective claims arising out of or in connection with the Escrow Property; (iii) continue to hold the Escrow Property until direction to release the Escrow Property by the final, non-appealable judgment of a court of competent jurisdiction or by mutual written agreement of the Buyer, the Members and B▇▇▇▇▇; or (iv) deliver the Escrow Property to a successor escrow agent mutually selected by the Buyer, the Members and B▇▇▇▇▇, provided that the Buyer, the Members and B▇▇▇▇▇ release the Escrow Agent from all further liability with respect to the Escrow Property. In the event that any such controversy arises hereunder may take the aforementioned actions and in no event shall the Escrow Agent be required to determine the proper resolution of such controversy or the proper disposition of the Escrow Property.
Disposition Dispute. If any Party has reasonable grounds to disagree with any calculation of the Escrow Property to be released to the other Party pursuant to this Agreement, as set forth in a Parent Default Release Objection Notice, a Catch Up Release Objection Notice or a Milestone Dispute Notice (each, an “Objection Notice”), and the Parties are unable to resolve such dispute within the time periods set forth herein, such disagreement shall be resolved pursuant to the dispute resolution procedures set forth in Section 6 of this Agreement.