Common use of FORMAL NEGOTIATIONS Clause in Contracts

FORMAL NEGOTIATIONS. If at any time it appears to a Disputing Party that the dispute will not be resolved by informal negotiation as provided in Section 17.4.1, the Disputing Party may initiate formal negotiations by providing written notice to all other Disputing Parties setting forth the subject of the dispute, the relief requested, and the reason the Party believes it is entitled to such relief under this Agreement. Each recipient of such notice will respond within ten (10) days with a written statement of its position on and recommended resolution of the dispute. If the dispute is not resolved through this exchange of correspondence, a senior executive of each Disputing Party, with full settlement authority, will meet at a mutually agreeable time and place within ten (10) days of the date of the last response to attempt to resolve the dispute. If the dispute is not resolved by these formal negotiations within thirty (30) days after the date of the notice initiating formal negotiations, any Disputing Party may submit the issue for mediation in accordance with Section 17.4.3 hereof.