Common use of Settlement Meeting Clause in Contracts

Settlement Meeting. In the event any such claim or controversy arises, the Parties shall first attempt to settle their differences amicably between themselves. Either Party may initiate such informal dispute resolution by sending written notice of the dispute to the other Party, and within twenty (20) days after receipt of such notice appropriate representatives of the Parties, each with full authority from the chief executive officer of the Party to settle the dispute, shall meet for attempted resolution of the claim or controversy by good faith negotiations. If the representative of either Party intends to be accompanied at the settlement meeting by counsel, the other Party shall be given at least seven (7) days notice of such intention and may also be accompanied by counsel. All negotiations pursuant to this Section 12.17 shall be confidential and treated as compromise and settlement negotiations and shall not be admissible in any arbitration or other proceeding