Common use of Resolution Committee Clause in Contracts

Resolution Committee. The Parties shall implement the Resolution Committee composed of six (6) members (“Resolution Committee”), out of which three (3) members indicated by each Party, including the CEO of each Party. No member of the Resolution Committee shall indicate an attorney-in-fact or substitute to attend to and/or vote for such member at the Resolution Committee’s meetings. The Resolution Committee shall meet whenever a Conflict is submitted, which frequency shall be defined by the Resolution Committee. The decisions undertaken by the Resolution Committee shall be subject to the approval of, at least, four (4) members, to which the Parties and respective Affiliates thereof shall be bound for all purposes and effects. In the event the resolution of any Conflict has not been approved by the Resolution Committee within forty-five (45) days as from the date the Conflict has been submitted to the Resolution Committee, the Parties may submit the Conflict to mediation or directly to arbitration in accordance with Clauses 9.11.2 and 9.11.3 below.