Common use of Negotiated Settlement Clause in Contracts

Negotiated Settlement. If a dispute has arisen between the Parties under this Agreement that a Party wishes to resolve: (a) that Party may proceed with informal dispute resolution in accordance with this Paragraph; (b) that Party may give notice to the other Party of the dispute and of its desire to resolve the dispute, describing in the notice the nature of the dispute; and (c) as soon as practicable after the notice has been given under subparagraph (b), the Parties will cause their duly authorized representatives, including personnel with decision making authority regarding the dispute, to meet to discuss and to negotiate a settlement to the dispute in a spirit of cooperation.