Common use of Informal Consultation Clause in Contracts

Informal Consultation. In the event of any controversy, claim or dispute between the Parties arising out of or related to this Guaranty (“Dispute”), the parties’ representatives will first attempt to resolve the Dispute informally through negotiation and consultation. If they are unable to do so, then within three (3) business days following the date of delivery of a written request by either Party, (i) each party shall appoint as its representative a senior officer, and (ii) such senior officers shall meet, negotiate and attempt in good faith to resolve the Dispute quickly, informally and inexpensively.