Mutual Differences Clause Samples

Mutual Differences. If any dispute or difference of any kind whatsoever (a “Dispute”) shall arise between the Parties in connection with, or arising out of, this Agreement, the Parties agree to use good faith efforts to resolve all such Disputes within thirty (30) days on a fair and equitable basis. The Parties agree that the Operating Committee shall develop and follow a process for settling Disputes on a fair and equitable basis within thirty (30) days. The process shall include procedures for (a) the submission of a claim in writing, with supporting documentation, if any, and a specification of the amounts due or other remedies which if done by the other Party would resolve the claim (b) submission of a response to the claim along with any written explanation or supporting documentation (c) A Party shall respond to a claim within seven (7) Business Days after receipt of a claim, and within two (2) Business Days after delivery of a response, the Operating Committee shall convene a meeting of the Parties’ representatives with knowledge and authority to resolve the Dispute. If the Parties are unable to resolve the Dispute within thirty (30) Days after the meeting, either Party may require that the Dispute be referred, as appropriate, (a) to an expert pursuant to Clause 14.2 or (b) to an arbitration panel pursuant to Clause 14.3.