DRP Clause Samples
A DRP, or Dispute Resolution Provision, establishes the process by which parties to a contract will resolve disagreements that arise under the agreement. Typically, this clause outlines whether disputes will be handled through negotiation, mediation, arbitration, or litigation, and may specify the location, governing law, or procedural rules to be followed. By setting clear expectations and procedures for resolving conflicts, the DRP helps prevent costly and protracted legal battles, ensuring that disputes are managed efficiently and with minimal disruption to the contractual relationship.
DRP. Consistent with Hallmark’s Beliefs and Values, the DRP enables the Company and employees to express concerns and resolve workplace issues in an efficient, timely manner. The DRP provides for a four-level process under which the Company and employees agree to resolve issues, with little or no cost to the employee, without the necessity of filing a lawsuit against the Company. The four levels of the DRP are:
DRP. The DRP will include the following:
DRP. 002: the right to commercialize DRP-002 will be determined only after discussion between Sosei and the Originator but Sosei will have no right in Japan in case the Originator wises to commercialize DRP-002 in Japan.
DRP. SRA shall have right (not the obligation) to sell its part equity stake or the entire equity stake in the SPV Company to the Lead Partner or any other entity. In case of any sale of Equity by Lead Partner outside the Consortium, the DRP/ SRA shall have right to sell it’s proportionate equity to such third party at the same Share Price and as per the procedure mentioned in the draft Shareholders’ Agreement.