Common use of Position Statements Clause in Contracts

Position Statements. Subject to Section 9.1 in the event of a dispute under the Transaction Documents (except as otherwise provided in any Transaction Document), any party may give a notice to the other parties (including any party not involved in the dispute) requesting that the Resolution Panel try in good faith to negotiate a resolution of (but without any obligation to resolve) such dispute. Not later than fifteen (15) days after said notice, each party involved in the dispute shall submit to all other parties (including any party not involved in the dispute) a written statement (provided that if both of the Owners are involved in such dispute, the Owners shall be entitled, but not obligated, to submit a joint written statement, and if both of the Interested Persons are involved in such dispute, the Interested Persons shall be entitled, but not obligated, to submit a joint written statement) setting forth such party's description of the dispute and of the respective positions of the parties on such dispute, and such party's recommended resolution and the reasons why such party feels its recommended resolution is fair and equitable in light of the terms and spirit of the Transaction Documents. The submission and exchange of such written statements of the parties shall be simultaneous. Such statements represent part of a good-faith effort to resolve a dispute and as such, no statement may be introduced as evidence or used as an admission against interest in any judicial resolution of such dispute.

Position Statements. Subject to Section 9.1 in the ------------------- event of a dispute under the Transaction Documents (except as otherwise provided in any Transaction Document), any party may give a notice to the other parties (including any party not involved in the dispute) requesting that the Resolution Panel try in good faith to negotiate a resolution of (but without any obligation to resolve) such dispute. Not later than fifteen (15) days after said notice, each party involved in the dispute shall submit to all other parties (including any party not involved in the dispute) a written statement (provided that if both of the Owners are involved in such dispute, the Owners shall be entitled, but not obligated, to submit a joint written statement, and if both of the Interested Persons are involved in such dispute, the Interested Persons shall be entitled, but not obligated, to submit a joint written statement) setting forth such party's description of the dispute and of the respective positions of the parties on such dispute, and such party's recommended resolution and the reasons why such party feels its recommended resolution is fair and equitable in light of the terms and spirit of the Transaction Documents. The submission and exchange of such written statements of the parties shall be simultaneous. Such statements represent part of a good-faith effort to resolve a dispute and as such, no statement may be introduced as evidence or used as an admission against interest in any judicial resolution of such dispute.