The PCL Litigation Clause Samples
The PCL Litigation clause defines the parties' rights and obligations concerning any ongoing or potential legal disputes related to PCL (which may refer to a specific project, company, or contract). Typically, this clause outlines procedures for handling such litigation, including notification requirements, cooperation between parties, and allocation of responsibility for legal costs or liabilities. Its core function is to ensure that both parties are aware of and prepared for any legal proceedings involving PCL, thereby minimizing uncertainty and clarifying how litigation risks are managed within the agreement.
The PCL Litigation. Seller or its designee shall prosecute, in its own name and at its expense, diligently, and without delay, the lawsuit brought by it against PCL Construction Services, Inc. et al, in the District Court of, and for Pitkin County, Colorado as Index #96 CV/6982 (the "PCL Litigation"). Buyer shall have the right to participate, at its sole cost and expense, in the prosecution and defense of the PCL Litigation. Seller shall have the right to settle the PCL Litigation provided in Seller's good faith judgment such settlement is fair and reasonable under the circumstances and Buyer is provided notice of such settlement prior to the entry into same. Seller shall keep Buyer informed on a regular basis with respect to the PCL Litigation and shall promptly provide Buyer with a copy of all papers filed or received by Seller in connection therewith, together with a copy of all correspondence related to the PCL Litigation and/or the proposed settlement thereof other than any attorney-client privileged documents unless such privilege has been waived. Any proceeds resulting from a settlement or a judgment in the PCL Litigation and the return of the escrow account at Citibank Private Bank #558415, if released to Seller pursuant to such judgment or settlement, as the case may be, shall be applied as follows: (a) up to $2,200,000.00 shall be paid to Buyer; and (b) any proceeds in excess of $2,200,000.00 shall be split equally between Buyer and Seller. Seller shall be solely liable for any adverse judgment in the PCL Litigation. Any such judgment may be paid from the PCL escrow account referred to above to the extent of funds available therein. Buyer shall have no rights with respect to the conduct or disposition of the PCL Litigation or the claims asserted by Seller therein or any right to control the disposition of the PCL escrow account, except as specifically set forth in this Agreement. Subject to the express provisions of this Agreement, Seller shall retain all rights and responsibilities with respect to the conduct of the PCL Litigation and the pursuit of all claims against PCL. Seller may elect in its sole and absolute discretion to seek arbitration or other dispute resolution with respect to the PCL Litigation. Buyer hereby agrees and acknowledges that Buyer is purchasing the Hotel with full knowledge of the claims alleged in the PCL Litigation and after conducting such investigation thereof as Buyer deems necessary and sufficient. Buyer further agrees and acknowledge...
The PCL Litigation. Seller or its designee shall prosecute, in its own name and at its expense, diligently, and without delay, the lawsuit brought by it against PCL Construction Services, Inc. et al, in the District Court of, and for Pitkin County, Colorado as Index #96 CV/6982 (the "PCL Litigation"). Buyer shall have the right to participate, at its sole cost and expense, in the prosecution and defense of the PCL Litigation. Seller shall have the right to settle the PCL Litigation provided in Seller's good faith judgment such settlement is fair and reasonable under the circumstances and Buyer is provided notice of such settlement prior to the entry into same. Seller shall keep Buyer informed on a regular basis with respect to the PCL