Common use of Friendly Consultation Clause in Contracts

Friendly Consultation. In the event of any dispute, controversy or claim between the Parties arising out of or relating to this Agreement, or the breach, termination or invalidity thereof (collectively, a “Dispute”), the Parties shall attempt in the first instance to resolve such Dispute through friendly consultations between the Parties. If such consultations do not result in a resolution of the Dispute within thirty (30) days, then the Dispute shall be submitted to a senior executive officer of each Party with authority to resolve such issues and who shall meet within fifteen (15) days to do so. If the senior executive officers are unable or unwilling to resolve such issues then the Dispute shall be submitted by either Party to binding arbitration pursuant to the terms of Section 17.02, irrespective of the magnitude thereof, the amount in dispute or whether such Dispute would otherwise be considered justiciable or ripe for resolution by any court or arbitral tribunal, by giving written notice thereof to the other Party; provided, however that in no event shall a Party have the right to submit the Dispute to arbitration if the institution of legal or equitable proceedings based on such Dispute would be barred by any applicable statute of limitations. The Parties agree to attempt to resolve all Disputes arising hereunder promptly, equitably and in a good faith manner. The Parties further agree to provide each other with reasonable access during normal business hours to any and all non-privileged records, information and data pertaining to such Dispute.

Friendly Consultation. In the event of any dispute, controversy or claim between the Parties arising out of or relating to this Agreement, or the breach, termination or invalidity thereof (collectively, a “Dispute”), the Parties shall attempt in the first instance to resolve such Dispute through friendly consultations between the Parties. If such consultations do not result in a resolution of the Dispute within thirty (30) days, then the Dispute shall be submitted to a senior executive officer of each Party with authority to resolve such issues and who shall meet within fifteen (15) days to do so. If the senior executive officers are unable or unwilling to resolve such issues then the Dispute shall be submitted by either Party to binding arbitration pursuant to the terms of Section 17.02, irrespective of the magnitude thereof, the amount in dispute or whether such Dispute would otherwise be considered justiciable justifiable or ripe for resolution by any court or arbitral tribunal, by giving written notice thereof to the other Party; provided, however that in no event shall a Party have the right to submit the Dispute to arbitration if the institution of legal or equitable proceedings based on such Dispute would be barred by any applicable statute of limitations. The Parties agree to attempt to resolve all Disputes arising hereunder promptly, equitably and in a good faith manner. The Parties further agree to provide each other with reasonable access during normal business hours to any and all non-privileged records, information and data pertaining to such Dispute.