Common use of Future Litigation Clause in Contracts

Future Litigation. (a) With respect to future Litigation, as soon as practicable after the identification of such Litigation by any Party, the Principals and any other relevant Party shall consult in good faith for the purpose of securing an agreement between the Principals regarding an appropriate allocation of responsibility for such Litigation among the Parties in accordance with the statement of intent set forth in Section 1 of this Agreement. It is the intent of the Parties that the responsibility for the Litigation be assumed fully by one Party, or that the Principals agree to allocate responsibility for such Litigation among the Parties in the same fashion as envisioned for the Schedule C Litigation. (b) If the Principals are unable to allocate responsibility for any Litigation within a reasonable period of time following identification of such Litigation, but in any event by the earlier to occur of (x) the date by which action must be taken in connection with such Litigation to avoid prejudice to one of the Parties in connection therewith or (y) the 30th day after identification of the Litigation, then the Principals may agree that such allocations shall be as determined by any third party (such as an outside law firm) who has been granted authority by the Principals to determine such allocation, or any party may elect to cause any such allocation of responsibility to be determined by an Arbitrator as described in Section 9 hereof.