Notice and Settlement Clause Samples
The Notice and Settlement clause establishes the procedures parties must follow to notify each other of disputes and attempt to resolve them before pursuing formal legal action. Typically, this clause requires that a party provide written notice of a claim or issue within a specified timeframe, and mandates a period during which the parties must engage in good faith negotiations or mediation to settle the matter. Its core function is to encourage early resolution of disputes, reduce litigation costs, and provide both parties with an opportunity to address issues collaboratively before escalating to court.
Notice and Settlement. The Instituting Party shall reasonably notify the Co-Party of the course of any Action and shall not settle any Action without prior approval of the Co-Party (i) during the Term if such settlement contains an admission of the invalidity of any Licensed Patents or (ii) either during or after the Term if such settlement contains an admission of fault or wrongdoing or materially affects the rights of the Co-Party hereunder.
Notice and Settlement. CLIENT must immediately notify PURCHASER of any Disputes between Customer and CLIENT. PURCHASER may settle any Dispute directly with Customer. Such settlement does not relieve CLIENT of final responsibility for payment of such Account.
Notice and Settlement. If all or any part of the Property, Chattels or other Collateral (i) is taken, or is threatened (in writing) to be taken, by eminent domain or any other public or private action (including any voluntary conveyance in lieu or in anticipation thereof), (ii) shall become the subject of a pending condemnation of which any Borrower has received written notice, or (iii) is damaged by any casualty, then Borrowers shall, promptly after obtaining actual knowledge thereof, provide Administrative Agent with written notice thereof and of the time and place of any scheduled meetings, hearings, trials, and other proceedings relating to such taking, pending condemnation or casualty, 153758634 Loan Agreement (CT/NJ Loan) - GTJ Portfolio Refinancing - AIG together with all papers served and settlement offers and appraisals received in connection therewith. If an Event of Default exists or the Capital Proceeds are expected to be in excess of $250,000.00, Administrative Agent may participate in all negotiations and appear and participate in all judicial or arbitration proceedings concerning any Capital Proceeds that may be payable as a result of such condemnation or casualty, and may, in Administrative Agent’s sole discretion, compromise or settle, in the names of both Borrowers and Administrative Agent, any claim for any such Capital Proceeds. Whether or not Administrative Agent is involved in any such negotiation or settlement, any such compromise or settlement shall be subject to the prior written consent of Administrative Agent, which shall not be unreasonably withheld, conditioned or delayed if no Event of Default exists.
Notice and Settlement. ADMINISTRATION
Notice and Settlement. Company shall give Reinsurer prompt notice of any and all claims. The settlement of any claim paid by Company shall be binding on Reinsurer. Reinsurer shall pay its Reinsurance Percentage to Company pursuant to Section 5.1