Common use of Separation Committee Clause in Contracts

Separation Committee. Effective as of the Separation Date, UtiliCorp and Aquila shall form the Separation Committee. The Separation Committee shall be responsible for resolving any and all Disputes, including as to (i) whether any Action or Liability is a UtiliCorp Liability or an Aquila Liability, (ii) whether any asset belongs to a member of the UtiliCorp Group or a member of the Aquila Group, and (iii) the interpretation of any provision of this Agreement or any Ancillary Agreement. In the event of any Dispute, each member of the UtiliCorp Group and the Aquila Group shall have the right to refer in writing the Dispute to the Separation Committee for resolution. The Separation Committee shall be required to render a written decision with respect to any Dispute within 30 days of its receipt of referral. The decision of the Separation Committee with respect to any Dispute shall be binding on the UtiliCorp Group and the Aquila Group and their respective successors and assigns.